Grandson of Notorious Mob Boss John Gotti Sentenced to Prison for Covid-19 Relief Fraud and Crypto Investment Scheme

Carmine Agnello, the grandson of notorious mob boss John Gotti, has received a 15-month prison sentence for his role in a Covid-19 relief funding scam. According to the Department of Justice, Agnello fraudulently obtained $1.1 million in disaster relief loans from the Small Business Administration, which he then used for personal gain, including investing approximately $420,000 in a cryptocurrency venture. Between April 2020 and November 2021, Agnello submitted false information to the SBA, claiming the funds were for his autoparts and recycling business in Queens. The US Attorney's office stated that Agnello 'diverted [the proceeds] for his personal use, including by investing approximately $420,000 in a cryptocurrency business.' Agnello is set to begin his prison sentence on July 1. The case is part of a larger issue of Covid-19 relief fund fraud, with the US Government Accountability Office estimating that up to 15% of the total funds were lost to scams. Agnello's grandfather, John Gotti, was a powerful figure in organized crime, earning an estimated $500 million annually from various illicit activities before his conviction and death in prison.