A Florida man pleaded guilty in a scheme that netted him $2.6 million — forfeiting a home, a boat, a 4.02-carat diamond and hundreds of rounds of ammunition — in fraud against the U.S. government involving loan programs.
The U.S. Attorneys office said Daniel J. Tisone, 35, faces 30 years or more in prison for wire fraud, bank fraud, illegal monetary transaction and possession of ammunition by a convicted felon.
Between March 2020 and April 2021, Tisone submitted false and fraudulent loan applications, according to a plea agreement.
Tisone,of Naples, Florida, submitted false payroll and tax documents, as well as a fake commercial lease. Tisone fraudulently used the identities of individuals who purported to work for Tisone’s companies, including their names, dates of birth, and Social Security numbers.
He received 10 loans, resulting in the deposit of approximately $2,617,447.17 into his bank accounts. His purchases included residences in Naples, stocks and investment securities, a 2019 Tiara 34LS boat, a 4.02-carat engagement ring, and ammunition, the release noted.
While executing a search warrant at Tisone’s residence in March, FBI and agents with Special Inspector General for Pandemic Recovery discovered more than 800 rounds of assorted .223/5.56 caliber ammunition, used in AR-15 rifles, and 9mm ammunition.
As part of his guilty plea, Tisone agreedto forfeit his interest in the boat, two properties in Naples, the solitaire engagement ring, roughly $65,645.69 seized from two bank accounts and approximately $2,617,447.17.
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The loan relief programs Tisone defrauded were intended to help struggling small businesses stay afloat during the pandemic. Loans could be forgiven if the borrower met certain criteria.
Officials have been cracking down on illegally obtained PPP funds. A man in Maine pleaded guilty to similar charges last month, as did two Florida men last year.