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Oxford couple ordered to pay restitution for CARES Act fraud

An Oxford couple has been ordered to pay more than $100,000 over allegations that they fraudulently misspent money in small business loans and grants under the Coronavirus Aid, Relief and Economic Security Act.  Janine and Gerard Carbonaro have paid $169,563.  The CARES Act was enacted to provide emergency assistance to those affected by the pandemic, with the Small Business Administration authorized to provide Economic Injury Disaster Loans. Gerard Carbonaro applied for funding on behalf of Janine Carbonaro as sole proprietor for Hair Attraction Design Team, a hair salon located in Monroe.  They reportedly used the proceeds to pay off the mortgage of a residential property in Florida, and to purchase an additional residential property in Florida for personal investment purposes.  As part of a civil settlement agreement with the government, the pair has also agreed to withdraw a pending application for a loan increase.

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