A Camden man, Yani Stancioff, has admitted to committing wire fraud by exploiting the COVID-19 pandemic relief programs. The 29-year-old entered a guilty plea in U.S. District Court in Portland.

Court records reveal that during 2020 and 2021, Stancioff submitted fraudulent applications for financial assistance through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds. He managed to secure $51,666 through three false applications. In his EIDL application, he falsely claimed ownership of a non-existent agricultural business. For the PPP applications, he alleged to be running a marketing business with a gross income of approximately $107,000 and included falsified IRS documents.

Stancioff now faces severe penalties including up to 20 years in prison and a maximum fine of $250,000. He may also receive up to three years of supervised release following imprisonment. The final sentence will be determined by a federal district judge after reviewing the U.S. Sentencing Guidelines along with other legal factors.

The case was investigated by IRS Criminal Investigation.

The Coronavirus Aid Relief and Economic Security (CARES) Act was enacted on March 29, 2020, providing emergency financial assistance due to the economic impact of the COVID-19 pandemic. The Act facilitated EIDL funding for businesses adversely affected by the pandemic through the Small Business Administration (SBA), with disbursements made by the U.S. Treasury for specific operational expenses.

The Paycheck Protection Program (PPP), also under SBA administration, offered forgivable loans to small businesses for job retention and other qualified expenses during the pandemic period.