Carmine Agnello, the grandson of notorious mob boss John Gotti, has been sentenced to 15 months in prison for his role in a Covid-19 relief fund scam, in which he fraudulently obtained $1.1 million from the US government's Small Business Administration and invested approximately $420,000 in cryptocurrency. According to the US Attorney's Eastern District of New York office, Agnello submitted false information to secure disaster relief loans, claiming the funds were for his autoparts and recycling business in Queens. Instead, he used the proceeds for personal gain, including investing in cryptocurrency. The case is part of a larger issue of fraud against Covid-related relief funds, with estimates suggesting that up to 15% of the total funds were lost to scams.
Agnello's sentence includes repayment of the defrauded amount, and he is set to begin his prison term on July 1. His grandfather, John Gotti, was a powerful figure in organized crime, earning an estimated $500 million annually from various illicit ventures before his conviction and death in prison.