American mafia boss John Gotti’s family members were sentenced for cryptocurrency-related fraud

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Mars Finance News: The U.S. Department of Justice disclosed that Carmine Agnello, the grandson of mafia boss John Gotti, was sentenced to 15 months in prison for fraudulently obtaining approximately $1.1 million in COVID relief funds and investing part of the funds in cryptocurrency businesses. Prosecutors stated that between April 2020 and November 2021, Agnello obtained multiple relief loans from the U.S. Small Business Administration (SBA) through false claims, claiming they were for his auto parts and recycling business operations, but in reality, he diverted the funds for personal use, with about $420k invested in crypto-related investments. The Manhattan U.S. Attorney’s Office said the behavior occurred during the peak of the pandemic and severely abused government aid funds. Agnello is expected to begin serving his sentence on July 1. Additionally, official data shows that COVID relief fund fraud is a serious issue in the U.S., with the Government Accountability Office (GAO) estimating that about $135 billion (approximately 15% of the total) of the funds were diverted into scams.

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