Carmine G. Agnello Sentenced for Misuse of COVID Relief Funds in Crypto Scheme

Carmine G. Agnello has been sentenced to 15 months in prison for diverting approximately $420,000 of fraudulently obtained COVID relief funds into a cryptocurrency business. According to NS3.AI, the U.S. Attorney's Office for the Eastern District of New York revealed that Agnello secured around $1.1 million through false applications for SBA Economic Injury Disaster Loans linked to Crown Auto Parts & Recycling. In addition to the prison term, the court mandated Agnello to pay $1,268,302 in restitution, serve two years of supervised release, and complete 100 hours of community service.