Oakdale Woman Charged with Wire Fraud and Money Laundering for Misuse of Economic Injury Disaster Loan Funds

PITTSBURGH, Pa. - A resident of Oakdale, Pennsylvania, has been indicted by a federal grand jury in Pittsburgh on charges of wire fraud and money laundering, United States Attorney Eric G. Olshan announced today.

The four-count Indictment named Stephanie L. Bonincontro, 43, as the sole defendant.

According to the Indictment, Bonincontro impermissibly used a $500,000 Economic Injury Disaster Loan (EIDL) received by her company, Sidelines Tree Service, in 2020 for her personal expenses and credit card debt. EIDLs are administered by the U.S. Small Business Administration to help businesses recover from the economic impacts of disasters, including the COVID-19 pandemic. The Indictment alleges that Bonincontro transferred approximately $250,000 of the EIDL money into a personal investment account that she used to launder the funds. The Indictment also charges her with impermissibly using $225,000 of the EIDL funds for another company she owned called Chartiers Valley Enterprises, where some of those funds were used to pay debts on a personal credit card.

The law provides for a maximum total sentence of up to 30 years in prison, a fine of up to $750,000, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.

Assistant United States Attorney Gregory C. Melucci is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation and Internal Revenue Service conducted the investigation leading to the Indictment.

An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.