BUFFALO, N.Y. (WKBW) — U.S Attorney Trini E. Ross announced Wednesday that a Niagara Falls man has pleaded guilty to COVID-19 wire fraud.
The defendant, 57-year-old Leo Benevento, allegedly submitted two false loan applications through the Small Business Association's Economic Injury Disaster Loan Program.
The program was designed to provide low-interest loans to businesses struggling to meet financial obligations and expenses during the COVID-19 pandemic.
Benevento underreported the annual expenses and inflated the annual revenue for his two businesses, "WNY 24 7 Realty" and "Benevento Realty."
The SBA proceeded to approve and fund Benevento's loans, which amounted to $117,300. Benevento has since reimbursed the SBA for the fraudulent loans.
Benevento's sentencing is scheduled for Dec. 19, 2022. If the defendant is found guilty, he will face a sentence of 20 years in prison and a $250,000 fine.
