Keith Nicoletta was arrested last week for allegedly acquiring a fraudulent Paycheck Protection Program loan. The Florida man faked a scrap metal business with up to 69 employees despite having reported zero wages between 2019-2020.
When Nicoletta got his payout of 1.9 million in May he immediately laundered the money into various financial accounts and companies. Nicoletta also withdrew more than $100,000 in cash to purchase a 2020 Mercedes and Ford F-250 pickup truck.
Nicoletta now faces charges of bank fraud and illegal monetary transactions.