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I can’t quite believe the story that the grandson of a Mafia boss allegedly defrauded government relief funds and invested them in cryptocurrency. A person named Carmine Anello—the grandson of John Gotti—is said to have tricked out $11.00 million in COVID-19 relief funds.
Between 2020 and 2021, he supposedly submitted false documents to the Small Business Administration, saying the money would be used for payroll, but in reality he invested about $4.20 million in cryptocurrency. Cases like this kind of fraud are probably pretty common, but you wouldn’t expect John Gotti’s grandson to do something like this.
The sentence is 15 months in prison, with him starting his term on July 1. It looks like about $135 billion in government relief-fund fraud has gone missing overall, so crimes of this kind really are widespread. It’s also rare to be arrested for cryptocurrency-related investment.