Cord Dean Newman and Eric “Phoenix” Marascio’s attempts to succeed as a Hollywood stuntman and an author, respectively, are not going to be the first items to show in a Google search with their names. Nor will the artistic and culinary collaborations they created with their peers. All that has become secondary. Their claim to fame will now be for their participation in a multi-million COVID-19 loan fraud scheme that stole millions of dollars from the U.S. taxpayer.
Newman and Marascio were part of a group of 16 fraudsters who schemed to defraud lenders and the Small Business Administration’s (SBA) Paycheck Protection Program. They submitted fraudulent applications using existing businesses and fake businesses which contained misrepresented material information such as the true nature of their business, the number of employees, and the amount of payroll. Based on these material misrepresentations, the SBA and other financial institutions approved and issued more than $3.5 million in loans to the defendants.
Once in receipt of the fraudulently obtained funds, Newman and Marascio laundered the proceeds with co-conspirators and then proceeded to spend the fraudulently gained monies on not only cars and personal debts, but investments. Newman and Marascio sent money to a co-conspirator with the intent to invest in the foreign exchange currency markets.
On February 6, 2025, Newman and Marascio were found guilty of COVID-19 loan fraud.
Great job by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigations in this case.
Today’s Fraud of The Day is based on article “Florida stuntman, Texas author convicted of COVID fraud scheme” published by Fox 4 News on February 10, 2025.
A Florida Hollywood stuntman and a Texas author and baker have been convicted of conspiracy to commit wire fraud and conspiracy to commit money laundering. Cord Dean Newman, 47, of Homosassa, Florida, and Eric “Phoenix” Marascio, 53, of Allen, were found guilty following a four-day trial before U.S. District Judge Jeremy D. Kernodle on February 6, 2025.
Newman, a Hollywood stuntman, and Marascio, an author and baker, were convicted for their involvement in a multi-million dollar loan fraud and money laundering conspiracy. Evidence at the trial showed they schemed to defraud lenders and the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) by applying for and obtaining fraudulent PPP loans during the COVID-19 pandemic.
