The anti-money laundering compliance department of a New England-based lender played a key role in advancing a federal probe into two men who sought to fraudulently obtain government-subsidized loans intended for small businesses struggling during the coronavirus pandemic.
An East Coast bank employee attempted to defraud the federal government's Payment Protection Program by applying for a loan for a shell company that he falsely claimed was a small business, federal investigators said Monday.
The U.S. Attorney's Office for the Middle District of Florida announced that Keith Nicoletta pleaded guilty to conspiracy to commit money laundering, admitting that he used several different financial institutions to launder the proceeds of a fraudulent Paycheck Protection Program loan application.
January 27, 2021
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