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Table of Contents

PPP Loan Scammer Faces 30 Years

A federal grand jury in Georgia has indicted Anthony C. Boncimino, 46, of Sycamore, on 12 counts of bank fraud, money laundering and making false statements related to the CARES Act.

According to the indictment, Boncimino submitted at least four fraudulent loan applications to the Small Business Administration (SBA) and third-party banks for Paycheck Protection Program (PPP) loans on behalf of shell companies. These companies allegedly suffered no losses, and in some cases, did not exist or only existed on paper.

The Government alleges that Boncimino obtained approximately $2,600,000 in PPP loans, conducting numerous transactions with the money. If convicted, he faces a maximum penalty of 30 years in prison and a $1,000,000 fine for bank fraud, a maximum penalty of 10 years in prison and a $250,000 fine for money laundering and a maximum penalty of 5 years in prison and a $250,000 fine for making false statements.

Boncimino was released on bond and is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

The indictment is the result of a joint investigation by the U.S. Attorney’s Office for the Middle District of Georgia, the SBA Office of Inspector General, the Treasury Inspector General for Tax Administration, and the IRS-Criminal Investigation.

“Fraudsters who attempt to capitalize during a global pandemic will face the possibility of federal prosecution for their crimes,” said Peter D. Leary, the Acting U.S. Attorney for the Middle District of Georgia.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF website.