John Gotti's Grandson Sentenced to Prison for $1.1 Million COVID Fraud
Mob boss John Gotti’s grandson is headed to prison for a $1.1 million Covid fraud and crypto scheme
Coindesk
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Carmine G. Agnello, grandson of infamous mob boss John Gotti, has been sentenced to 15 months in prison for fraudulently obtaining $1.1 million in COVID-19 relief funds. He misrepresented his Queens auto parts business to secure the loans, diverting a significant portion into cryptocurrency investments.
- 01Carmine G. Agnello was sentenced to 15 months for COVID relief fraud.
- 02He fraudulently obtained $1.1 million from the U.S. Small Business Administration.
- 03Agnello invested approximately $420,000 of the funds into cryptocurrency.
- 04The case highlights widespread fraud in COVID relief programs, with an estimated $135 billion lost to scams.
- 05John Gotti, Agnello's grandfather, was a notorious mob boss who led the Gambino crime family.
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Carmine G. Agnello, grandson of notorious mob boss John Gotti, has been sentenced to 15 months in prison for fraudulently acquiring $1.1 million in COVID-19 relief funds. Between April 2020 and November 2021, Agnello submitted false information to the U.S. Small Business Administration (SBA), claiming the funds were for his auto parts and recycling business in Queens, New York. Instead, he diverted a significant portion of the funds, approximately $420,000, into cryptocurrency investments. This case is part of a larger trend of fraud within pandemic aid programs, with the U.S. Government Accountability Office estimating that around $135 billion, or up to 15% of relief funds, were lost to scams. Agnello's actions were condemned by U.S. Attorney Joseph Nocella, who emphasized the misuse of taxpayer dollars during a national crisis. His grandfather, John Gotti, was infamous for leading the Gambino crime family and was convicted on multiple charges before dying in prison in 2002.
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This case underscores the ongoing issue of fraud in COVID-19 relief programs, which affects the integrity of government assistance designed to support struggling businesses.
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