Way back and I mean way back in 2000 the Pittsburg Biz Journal noted that Randy Frasinelli “People to Watch” -stating in part he had all the hallmarks of emerging as one with “business greatness”. He was smart. He was young and hungry. He has the prerequisite academic pedigree. For Example: Frasinelli earned;
an undergraduate degree from the University of Pittsburgh in 1986
MBA from Cornell University in 1988,
and a Ph.D. from Carnegie Mellon University in 2000
But this entry definitely caught my eye because for a $40 monthly subscription fee you too can read his delight insights (note my sarcasm)
THINGS THAT MAKE YOU GO HMMM...From humble beginnings in 2009, Things That Make You Go Hmmm… has grown into one of the most widely-read financial publications in the world.
Also I’m not a 100% certain this this is really his “alt’ Twitter account (archived). but it is notable that the cadence and writing styles are strikingly similar to his various white papers and publicly available “newsletters” - however if one of my readers would be so kind to tag @ttmygh (also archived), who tweeted as recent as April 11, 2021 -I would be very grateful because I’m not on Twitter and this guy is exactly what is wrong with America and the PPPLoan program.
4/ Copper and Silver subscribers to grant-williams.com have access to all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game. Silver subscribers also get my monthly newsletter Things That Make You Go Hmmm...
And then the recently unsealed Criminal Complaint (ECF1) - charging Frasinelli with violating: 18 U.S.C. § 1344 -Bank Fraud and 18 U.S.C. § 1957(a) -Money Laundering money
The Affidavit also states from May 2020 thru July 2020, Frasinelli submitted PPP Loan applications for all four of his businesses; Grant-Williams Associates (GWA), Grant-Williams Global (GWG), Grant-Williams International (GWI), and Grant-Williams Associates Corporation (GWAC)…and thusly fraudulently applied for and received PPP Loans for each of the aforementioned companies.
It should be noted - crimes that include a massive amount of paperwork (such as loan applications) and written communications tend to be very cut and dry. Crimes on “paper” eliminate the “subjective nature” and often ameliorate the question of “intent and/or state of mind” …why? Because “paper” doesn’t have emotion and it’s literally that binary.
For Example - Bank of America processed, approved and disbursed Frasinelli applied for and received three PPP Loans from Bank of America;
Grant-Williams Associates = $207,082, Grant-Williams Global = $525,000.00 and Grant-Williams International $1,304,000.00 - the investigating Agent requested paperwork from Payroll Company ADP. The Agent then cross referenced EINs, Taxes, Commonwealth of Pennsylvania Department of Revenue and the PPP Loan Applications. And ultimately discovered;
There were no Pennsylvania Business Entity Registration records for GWA or EIN 20-2462537, GWG or EIN 85-1260543, or GWI.
There were no W-2 Wages and Withholding Reports for employees of GWA or EIN 20-2462537, GWG or EIN 85-1260543, or GWI for the tax years 2019 or 2020.
As previously mentioned the Investigating Agent then obtained records from ADP (a known and venerable payroll company which has an unassailable reputation) -
Upon receiving records from ADP relating to the four Companies attributed to Frasinelli: GWA, GWG, and GWI. Thereafter ADP certified the following information:
a. ADP was unable to locate a record of an ADP payroll client by the name of Grant-Williams Associates, Grant-Williams Global, or Grant-Williams International.
b. ADP was unable to locate a record of a payroll client with the EIN of 20-2462537 or 85-1260543.
The analysis of the financial records confirms that Frasinelli disbursed the proceeds of all four PPP Loans in a manner inconsistent with and contrary to the certifications Frasinelli made when applying for the PPP Loans. Specifically, the disbursements do not appear to be necessary to support ongoing operations of GWAC, GWA, GWG, or GWI. In addition, it does not appear that the four PPP Loan proceeds were used at all to retain workers and maintain payroll, make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule.
To be fair - I find some sections of the Affidavit enraging Fransinelli since the vast majority of the ill-gotten largesse was used for personal use. For example the loan proceeds included;
Amazon.con purchases PayPal purchases, personal vehicle expenses, firearms purchases, vacation trips, both domestically and internationally, for himself and family members, college tuition payments for family members, the purchase of precious metals from on-line dealers, as well as direct payments to multiple Frasinelli family members. In addition, Frasinelli wired approximately $1,820,000 to accounts maintained in his name at Fidelity Investments.
…jewelry, artwork, cryptocurrency, as well as direct payments to multiple Frasinelli family members.
Eighteen Search and Seizure Warrants
On February 3, 2021 a judicially authorized search and seizure warrants were approved. The warrants were executed on February 4, 2021 for the following property traceable to proceeds of Frasinelli’s fraud; a Ford Mustang, two Mercedes SUVs, a BMW sedan, a Land Rover Defender, a Porsche Panamera, gold bars and silver coins, watches and accessories, works of art, firearms, and the contents of two investment accounts and four bank accounts
But there’s M-O-R-E
On April 13, 2021 an agent with the Small Business Administration - sent the FBI agent new information, which indicated that as recent as March 13, 2021, Randy Frasinelli applied for and ultimately received a fifth PPP loan in the amount of $1,340,000. The loan was funded by Bank of America.
A preliminary examination is scheduled for April 30, 2021 (Docket Report via ECF)
Randy should consider cutting a deal - because a case largely born from paper is a very difficult case to “prove one’s innocence” - Frasinelli was released on $50,000 bond. Let’s just those funds are not attributed to the ill-gotten PPPloan largesse because that would be the cherry on this Fraudulent-PPPLoan-sundae. Again I would very much appreciate if a reader of mine could tag @ttmygh with today’s article. I’ve had it with charlatans, fraudsters, scammers pushing their podcast and “exclusive access” RandyFrasinelli fraudulently obtained almost $4M in FIVE separate PPPLoans. So yes this is me completely out of Fs
Happy Thursday, Filey. I'm just starting to feel better (got my 2nd dose of pfizer yesterday afternoon). Slight fever and chills remain. (is that the 5g coursing through me?) Can't quite get myself to log into twitter, my husband said there was another mass shooting. I just can't. I'm going to lay back down.
Can we also talk about the fact that he CLEARLY tried to do 'something' with a graphic, dropped those stupid 'cogs' in that picture, and just 'left them' forever because he didn't know how to 'undo' them or do anything better? I find it entirely distracting from everything else. If he is going to crime....I need and wants me to pay for the upgrades at...check notes.....$40 a month.....I need unicorns....chocolate dipped ice cream cones with sprinkles.....jumping double rainbows!!!! Cogs....Cog!!!! That is $4.99 tops!
Happy Thursday, Filey. I'm just starting to feel better (got my 2nd dose of pfizer yesterday afternoon). Slight fever and chills remain. (is that the 5g coursing through me?) Can't quite get myself to log into twitter, my husband said there was another mass shooting. I just can't. I'm going to lay back down.
Can we also talk about the fact that he CLEARLY tried to do 'something' with a graphic, dropped those stupid 'cogs' in that picture, and just 'left them' forever because he didn't know how to 'undo' them or do anything better? I find it entirely distracting from everything else. If he is going to crime....I need and wants me to pay for the upgrades at...check notes.....$40 a month.....I need unicorns....chocolate dipped ice cream cones with sprinkles.....jumping double rainbows!!!! Cogs....Cog!!!! That is $4.99 tops!