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Florida Man Gets 20 Years For Covid Cash Theft

Used Paycheck Protection Program funds to buy 2020 Mercedes, 2020 F-250, jewelry, swimming pool 

TAMPA, Fla. (AP) — A Florida man who received more than $1.9 million in coronavirus relief funds faces up to 20 years in federal prison for laundering most of the money through a fake business.

Among his purchases were a luxury car and a pickup truck, federal prosecutors said.

Keith William Nicoletta, 48, of Dade City, pleaded guilty Monday to a conspiracy to launder stolen COVID relief funds, according to the U.S. attorney’s office in Tampa.

He also agreed to forfeit more than $1.9 million, along with vehicles and other items he bought with the stolen money.

A sentencing date wasn’t immediately set.

White House Rules The Bidens Will Have To Follow 

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Last May, Nicoletta falsely claimed on a loan application that he had a scrap metal business with 69 employees and a monthly payroll of more than $760,000, prosecutors said.

Once the emergency loan was secured, Nicoletta transferred the money between various accounts and withdrew more than $100,000 in cash, officials said.

Nicoletta then bought a 2020 Mercedes and a 2020 special edition Ford F-250 pickup, officials said.

He also bought jewelry and had a swimming pool installed at his home.

None of the money was used for payroll.

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The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the COVID-19 pandemic.

It’s part of the coronavirus relief package that became federal law in March.

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