Florida stuntman, Texas author convicted of COVID fraud scheme
Judge gavel, scales of justice and law books in court. (Brian A. Jackson/South Florida Sun Sentinel)
DALLAS - 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.
Paycheck Protection Program Fraud
What we know:
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.
Once Newman and Marascio got the loans, they used the money to invest in foreign exchange currency markets, to buy vehicles, and for various other non-business-related expenditures.
They were named in an indictment in May 2022, along with 16 others, who were charged with conspiracy to commit wire fraud.
Red Power Ranger among 18 arrested in Texas PPP fraud case
An actor from North Texas best known for his role as the Red Power Ranger in the iconic 1990s TV show was among 18 people indicted Thursday in a federal Paycheck Protection Program fraud case.
Others connected to the case, including former red Power Ranger actor Austin St. John, have pleaded guilty.
What's next:
Both Newman and Marascio face up to 20 years each in federal prison at sentencing.
A sentencing hearing has not been set.
The hearing will be scheduled after an investigation by the U.S. Probation Office.
The Source: Information in this article comes from the U.S. Attorney's Office.