A central Florida man is dealing with federal expenses that he used greater than $1.9 million in emergency Paycheck Safety Program funds on private bills, together with the acquisition of a brand new Mercedes and pickup truck.

Keith William Nicoletta, 48, of Dade Metropolis was arrested final week on expenses of financial institution fraud and unlawful financial transactions, which carry as much as 40 years in federal jail if he’s convicted. In a felony grievance, the U.S. Division of Justice accused him of fraudulently claiming to make use of 69 individuals in a scrap steel enterprise that was working out of his residential house.

Instantly after securing the federal mortgage, which was supposed to assist companies retain employees in the course of the coronavirus pandemic, authorities mentioned Nicoletta instantly started transferring the funds to newly opened financial institution accounts and went on a spending spree.

“Not one of the cash was used for payroll,” the DOJ mentioned in a press launch on Friday.

Along with withdrawing $100,000 in money, authorities allege, Nicoletta bought a 2020 Mercedes for greater than $106,000 in addition to a 2020 special-edition Ford F-250 pickup valued at over $66,000. He additionally allegedly wired roughly $537,000 to a property administration firm in South Florida.


Federal authorities mentioned they photographed Keith William Nicoletta driving this 2020 special-edition Ford F-250 pickup truck from his Dade Metropolis house to an area nation membership the place he performed golf.

An eventual investigation decided that his purported scrap steel enterprise, West Coast Cores, which he claimed had an annual payroll of roughly $9.1 million, had been inactive for over a 12 months and had no worker wages in 2019 or 2020, authorities mentioned.

Nicoletta didn’t instantly reply to HuffPost’s request for remark Monday.

This summer time, one other Florida man was arrested on comparable expenses.

David Tyler Hines, 29, of Miami was charged with financial institution fraud, making false statements to a monetary establishment and interesting in transactions in illegal proceeds after authorities say he fraudulently obtained $3.9 million in federal PPP loans and used it to purchase a Lamborghini and for different private bills.

Hines was arrested in July after the $318,000 Lamborghini he allegedly bought with the mortgage cash was concerned in a hit-and-run accident.


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