U.S. Attorney Michael DiGiacomo has announced that Joseph Giannini, a 54-year-old resident of Chicago, Illinois, has pleaded guilty to conspiracy to commit wire fraud. The plea was entered before U.S. District Judge Charles J. Siragusa and carries a potential maximum sentence of 20 years in prison along with a $250,000 fine.
Assistant U.S. Attorney Kyle P. Rossi provided details on the case, stating that Giannini submitted false applications for loans under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs during April and May 2020. These programs were designed to assist businesses affected by the COVID-19 pandemic. Giannini sought seven fraudulent loans by misrepresenting profits and employee payrolls for various businesses. He applied for a total of $606,635 in loans and received $280,135.
One application was made on behalf of Spin Marketing Inc., a Rochester business owned by co-defendant Ann Spinosa, who is also facing federal charges.
The investigation leading to Giannini's plea was conducted by the Internal Revenue Service Criminal Investigations Division under Special Agent in Charge Harry Chavis.
