Grandson of Notorious Mob Boss John Gotti Faces Prison Time for Covid-19 Relief Fund Scam and Crypto Investment Scheme

Carmine Agnello, grandson of the notorious John Gotti, has been sentenced to 15 months in prison for his role in a $1.1 million Covid-19 relief fund scam, where he siphoned off the funds to invest in cryptocurrency. According to the Department of Justice, Agnello fraudulently obtained multiple disaster relief loans from the Small Business Administration and diverted the proceeds for personal use, including a $420,000 investment in a cryptocurrency business. The scheme involved submitting false information to the SBA between April 2020 and November 2021, claiming the funds were for his autoparts and recycling business in Queens. The US Attorney's Eastern District of New York office stated that Agnello's actions were shameful, especially during the height of the pandemic when the funds were meant to assist businesses and employees. Agnello's case is not an isolated incident, as numerous individuals have been caught defrauding the government's Covid relief fund, with statistics from the US Government Accountability Office indicating that up to 15% of the total funds were lost to scams. The grandson of the infamous mob boss will begin his prison sentence on July 1, and has been ordered to repay the defrauded amount as part of his sentence.