As reported by the U.S. Department of Justice, Joseph Lentine III, a Cincinnati man, has been sentenced to a federal prison term for his role in a multimillion-dollar COVID-19 relief fraud scheme. According to the U.S. Attorney's Office, Southern District of Ohio, the 55-year-old was handed down a 63-month sentence after pleading guilty to charges that involved making false statements and bank fraud to tap into funds meant for struggling businesses during the pandemic.
Details unveiled in court documents highlighted Lentine's involvement in preparing over 20 fraudulent loan applications, aiming to illegitimately obtain more than $3 million through Small Business Administration loan programs. Lentine targeted the Paycheck Protection Program and other emergency assistance offerings such as unemployment and rental aid but ultimately pocketed around $1.5 million of the fraudulently obtained funds - using the proceeds to purchase lavish items, including a yacht and a Mercedes Benz. Lentine, who personally netted more than $450,000 from the scheme, is now obliged to repay $1.2 million in restitution to the Small Business Administration along with nearly $33,000 to the Ohio Department of Job and Family Services, reflecting the toll his actions took on government efforts to ease the economic strain of the pandemic on citizens and businesses alike.
U.S. District Court Judge Jeffery P. Hopkins delivered the sentence. Assistant United States Attorney Ebunoluwa A. Taiwo is prosecuting the case. The investigation, conducted by the Cincinnati Division of the Federal Bureau of Investigation under the direction of Special Agent in Charge Elena Iatarola, revealed the deep layers of deceit in Lentine's actions.
