PROVIDENCE, R.I. – An East Providence man made an initial appearance in federal court in Providence today on charges that he filed eight fraudulent loan applications seeking more than $337,000 in Small Business Association (SBA) guaranteed COVID-19 relief business loans, announced United States Attorney Zachary A. Cunha.
Kevin Mancieri, 48, is charged, by way of criminal complaint, with conspiracy to commit bank fraud.
Charging documents allege that Mancieri, acting alone or with the assistance of others, applied for eight loans: two in his own name and six in the names of others. Applications were allegedly submitted in the names of four different sole proprietorships purporting to perform flooring and carpeting services. The applications are alleged to have falsely represented that multiple employees worked for these different companies, when, in fact, there were few if any, such employees; the applications were also allegedly supported with digitally altered personal bank statements, business bank account records, and tax records.
It is alleged that Mancieri fraudulently sought at least $337,096 in forgivable SBA guaranteed loans, and that his applications caused at least $131,414 in funds to be disbursed. It is alleged that he personally received approximately $29,038 in loan proceeds and conspired with others to receive up to half of the proceeds disbursed to other entities. It is further alleged that Mancieri received at least $49,400 in kickbacks for applying for fraudulent loans for his associates.
Mancieri was ordered detained following his initial appearance in U.S. District Court.
A federal criminal complaint is merely an accusation. A defendant is presumed innocent unless and until proven guilty.
The case is being prosecuted by Assistant U.S. Attorney Lee H. Vilker.
The matter was investigated by the FBI and Internal Revenue Criminal Investigation. Mancieri was arrested at his home this morning by federal agents, with the assistance of the Rhode Island State Police.