Family member of American mob boss John Gotti sentenced for involvement in cryptocurrency-related fraud
Odaily reported that the US Department of Justice has disclosed that Carmine Agnello, the grandson of gangster boss John Gotti, has been sentenced to 15 months in prison for fraudulently obtaining approximately 1.1 million US dollars in COVID-19 relief funds and investing part of the money in crypto businesses.
According to prosecutors, between April 2020 and November 2021, Agnello obtained multiple relief loans from the US Small Business Administration (SBA) through false declarations and claimed they were to be used for his auto parts and recycling business operations. In reality, the funds were diverted for personal use, with about 420,000 US dollars invested in crypto-related investments.
The US Attorney's Office for the Eastern District of New York stated that this conduct occurred during the peak of the pandemic, constituting a serious abuse of government relief funds. Agnello is expected to report to prison and begin his sentence on July 1.
In addition, official data shows that fraud related to US COVID-19 relief funds is a serious issue. The US Government Accountability Office (GAO) estimates that about 135 billion US dollars (around 15% of the total amount) has flowed into fraudulent activities. (CoinDesk)
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