(The Center Square) – A federal judge sentenced a Georgia business owner to three years in prison after he pleaded guilty to fraudulently collecting Paycheck Protection Program (PPP) loans.
Anthony J. Boncimino, 47, of Sycamore, previously pleaded guilty to one charge of money laundering.
US District Judge Louis Sands last week ordered Boncimino to pay more than $802,300 in compensation to the Small Business Administration (SBA). The judge also sentenced Boncimino to three years of supervised imprisonment after his 36-month sentence.
Boncimino admitted he started two fictional companies and falsified salary information to secure PPP loans for his moving company. Federal officials said Boncimino raised more than $2.6 million in four PPP loans from three banks.
The Feds said Boncimino filed fraudulent records, including fake IRS forms for the companies, with the banks and the SBA. Boncimino used the money to pay state and federal taxes and told investigators he wanted a “safety net” for his moving company and his family. according to a press release.
Boncimino paid more than $1.3 million on two loans prior to conviction, and the FBI also seized more than $507,500 from Boncimino’s bank accounts.
“The U.S. Attorney’s Office is pursuing federal prosecutions against those who intentionally defrauded programs available to small businesses and citizens struggling to stay on their feet during the global pandemic,” U.S. Attorney Peter Leary said in an explanation. “Protecting honorable and hard-working people from fraudsters is a priority for our office and our law enforcement partners.”
