ALBANY — A Turner County man was indicted by a federal grand jury Thursday on several counts related to the Coronavirus Aid, Relief and Economic Security Act.
Anthony C. Boncimino, 46, of Sycamore was indicted on four counts of bank fraud, four counts of money laundering and four counts of making false statements, according to a statement from the U.S. Department of Justice. 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 five years in prison and a $250,000 fine for making false statements, the justice department said.
The defendant was released on bond.
According to the filed indictment, the suspect has been accused of submitting at least four fraudulent loan applications to the Small Business Administration and third-party banks for Paycheck Protection Program loans on behalf of shell companies, although these companies suffered no losses, the statement said.
The government alleges that these businesses either did not exist, did not conduct business or only existed on paper. The suspect is accused of obtaining approximately $2,600,000 in PPP loans, conducting numerous transactions with the money, the justice department said.
Terry Richards is senior reporter at The Valdosta Daily Times.