Albany man gets 3 1/2 years in prison for getting fraudulent COVID business loan
ALBANY — An Albany man was sentenced on Thursday to 3 ½ years in prison for participating in a scheme to obtain a nearly $125,000 loan meant for businesses struggling during the COVID-19 pandemic.
Christopher Mozone, 36, had previously pleaded guilty in U.S. District Court in Albany to conspiracy to commit wire fraud, Mozone admitted that he conspired to obtain an Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration by falsely representing on a loan application that he owned a business when no such business existed, according to a news release.
Mozone then spent the loan proceeds on personal expenses, including nearly $10,000 in jewelry and a trip to Atlantic City, New Jersey.
Senior U.S. District Judge Lawrence E. Kahn also imposed a 3-year term of supervised release after his 41-month prison term and ordered him to pay $43,378 in restitution to the SBA.