Scott man, out on bond after being accused of submitting fake PPP loans, charged with applying for another
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A month after he was arrested on federal charges accusing him of submitting 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.
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.
Frasinelli was initially released on bond.
However, according to a new criminal complaint unsealed Monday, Frasinelli submitted a new application for $525,000 on May 21.
In it, he alleged that Grant-Williams Global had 28 employees with an average monthly payroll of $210,000.
As part of the application, Frasinelli submitted payroll reports purportedly for the 2020 tax year, listing a total payroll of $2.5 million.
However, the payroll company listed on the paperwork told investigators it could find no records for a client of that name or using that tax identification number.
The FBI said Frasinelli also submitted a fraudulent bank statement, as well.
After the application was submitted and then submitted to a bank for underwriting and funding, the lender asked for a selfie from Frasinelli, in which he would hold up his driver’s license next to his face so they could both be seen clearly, the affidavit said.
According to the complaint, Frasinelli submitted the photo and then, on June 11, sent an email asking, “Have you received any feedback (from the lenders) on our PPP loan application? Thank you for your kind assistance.”
On Frasinelli’s LinkedIn page, he identifies himself as founder and global managing director of Grant-Williams Global Associates.
“Extensive experience and interest in global affairs and domestic political policy,” it says. “Classified technology advisory experience throughout the U.S. and Europe. Active volunteer and committee member for numerous children’s charities as well for a variety of national and international non-profit agencies. Professional direction is toward the matching of senior level professionals within a dynamic corporate culture or culture of an emerging growth technology driven organization.”
He also lists under education a “Master of Science (M.S.)/Ph.D., Entreprenuial [sic] Studies / Global Strategic Studies,” from Carnegie Mellon University in 2002-2003.
A spokesperson for CMU said there were no records that Frasinelli attended school there.