A month after he was arrested on federal charges that he submitted fake applications to obtain $3.8 million in Paycheck Protection Program loans during the covid-19 pandemic, a Scott Township man submitted a new loan application seeking a half-million dollars, investigators said.
Randy Frasinelli, 65, now faces additional charges of bank fraud and is being held in federal custody pending a detention hearing on Thursday, according to our news partners at TribLive.
Frasinelli was initially arrested on April 15 and accused of fraudulently applying for five separate PPP loans.
In those applications, Frasinelli claimed that he was the owner of four companies — Grant-Williams Associates, Grant-Williams Global, Grant-Williams International and Grant-Williams Associates Corp. — and that he needed the cash to pay his employees.
However, federal investigators said he falsified the loan applications and instead used the money to buy luxury and sports cars, gold bars, silver coins, jewelry and art.