A Camden resident, Yani Stancioff, has admitted guilt in a case of wire fraud related to the misuse of federal funds intended for pandemic relief. The 29-year-old appeared in U.S. District Court in Portland, where he confessed to submitting fraudulent applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds during 2020 and 2021.
Court documents reveal that Stancioff secured $51,666 through three deceitful applications. In his EIDL application, he falsely claimed ownership of a non-existent agricultural business. Similarly, on his PPP applications, he pretended to be the sole proprietor of a marketing firm with an alleged gross income of approximately $107,000. To support these claims, Stancioff submitted falsified IRS documents.
The potential consequences for Stancioff include up to 20 years in prison and a fine reaching $250,000. Following any incarceration period, he could face up to three years of supervised release. A federal district judge will decide the final sentence after evaluating the U.S. Sentencing Guidelines alongside other statutory considerations.
The investigation was conducted by IRS Criminal Investigation.
The Coronavirus Aid Relief and Economic Security (CARES) Act was enacted on March 29, 2020. It aimed to provide financial assistance to Americans affected economically by the COVID-19 pandemic. The Act facilitated EIDL funding for businesses impacted by the pandemic's economic repercussions. These loans were funded by the Small Business Administration (SBA) and distributed by the U.S. Treasury Department.
The Paycheck Protection Program (PPP), also part of the CARES Act initiatives, offered forgivable loans through SBA-backed lenders to help small businesses maintain payrolls and cover certain expenses during the pandemic.