Jonathan Ramaci, a business owner from Mt. Pleasant, South Carolina, has been sentenced to 18 months in federal prison after pleading guilty to wire fraud and filing a false income tax return. The charges stem from fraudulent activities involving the Small Business Administration (SBA) and misreporting of taxes.
Court evidence revealed that Ramaci defrauded the SBA by securing approximately $214,000 through fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). He submitted false tax documents to obtain these loans under the CARES Act. Additionally, he misrepresented business revenue and costs for EIDL applications.
Ramaci's tax offenses involved failing to file or submitting false returns between 2017 and 2021, resulting in a debt of $289,531 to the IRS. It was found that he used business funds from his company, Elements of Genius, for personal expenses without reporting them as income.
U.S. Attorney Adair Ford Boroughs stated, "This defendant’s actions... cost the taxpayer and the government hundreds of thousands of dollars." She emphasized that such financial deception would not be tolerated.
Steve Jensen from the FBI Columbia field office remarked on the broader implications of financial fraud: "Financial fraud erodes public confidence in our financial institutions and jeopardizes America’s economic future."
Donald “Trey” Eakins of IRS Criminal Investigation highlighted their commitment to pursuing those who evade taxes: "This guilty plea and sentence reinforces the IRS’ commitment to ensuring all Americans are held to the same standard."
Judge Richard M. Gergel sentenced Ramaci to 18 months imprisonment followed by three years of supervised release. Ramaci must pay $538,178.88 in restitution for his offenses and an additional $1,009,684.00 agreed upon in his plea deal for other victims.
The case was investigated by both the FBI Columbia Field Office and IRS Criminal Investigation with Assistant U.S. Attorney Amy Bower prosecuting.
The Department of Justice's COVID-19 Fraud Enforcement Task Force continues efforts against pandemic-related fraud since its establishment on May 17, 2021.