Area man charged in $1.9M PPP loan scam, bought $100K Mercedes

DADE CITY — A Pasco County resident has been charged with fraud for misusing federal PPP loan money, including allegations he spent more than $170,000 on a new Mercedes and Ford F-250 truck.   

Keith William Nicoletta, 48, of Dade City, was charged with bank fraud and illegal monetary transactions, according to a release from the U.S. Attorney’s office in Tampa. According to the unsealing of a criminal complaint against Nicoletta, in or about May, Nicoletta fraudulently secured more than $1.9 million in emergency funds associated with the Paycheck Protection Program. The program, which Congress authorized in April, allows qualifying small businesses and other organizations to receive loans with a maturity of two years and an interest rate of 1%. Through the SBA, PPP loan rules stipulate that the funds have to be used for payroll costs, interest on mortgages, rent and utilities