FORT MYERS, Fla. — A Naples man has been indicted on multiple charges related to PPP fraud.
Daniel Joseph Tisone had his property searched by the FBI back in March is now charged with wire fraud, bank fraud, aggravated identity theft, illegal monetary transactions, and possession of ammunition by a convicted felon.
If convicted, Tisone faces a maximum penalty of 30 years in federal prison for each wire fraud count (4 counts) and bank fraud count (6 counts), a 2-year minimum mandatory term of imprisonment for the aggravated identity theft counts (2 counts), up to 10 years in federal prison for each illegal monetary transaction count (5 counts) and for the possession of ammunition count.
The indictment also notifies Tisone that the United States intends to forfeit his interest in a 2019 Tiara 34LS boat, two real properties located in Naples, a 4.02 carat solitaire engagement ring, approximately $65,645.69 seized from two bank accounts, and approximately $2,617,447.17, which are alleged to be traceable to proceeds of the offense.
According to court documents, Between March 2020, and April 2021, he was reportedly already a convicted felon when he had committed a false and fraudulent Economic Injury Disaster Loan Maine Street Lending Programs and Paycheck Protection Program loan applications to the small business administration programs along with PPP and MSLP approved lenders. In those loan “approved” applications, there was a lot of false information involving criminal backgrounds, monthly payments, and gross revenues.
Tisone's false loan applications caused loan lenders to approve amounts totaling over $2,523,954.17. According to the report Tisone used those funds to spend over $1million on stocks, a Naples home, and other investments.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a federal law enacted March 2020. It is designed to provide emergency financial assistance to millions of Americans who are suffering the economic effects resulting from the COVID-19 pandemic. One source of relief provided by the CARES Act is the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. In April 2020, Congress authorized over $300 billion in additional PPP funding. .
An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.
