Charleston business owner sentenced to federal prison

CHARLESTON, S.C. (WCBD) – A Charleston business owner is facing federal time after pleading guilty to wire fraud and filing a false income tax return.

Jonathan Ramaci, 60, of Mt. Pleasant was sentenced to 18 months in prison followed by a three-year term of court-ordered supervision.

According to the United States Department of Justice, Ramaci defrauded the Small Business Administration in his application and receipt of approximately $214,000 from fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) authorized under the CARES Act.

Officials stated that Ramaci submitted fraudulent tax documents to the SBA and its third-party lenders, which were used to fund the PPP loan he received.

In regards to the fraudulent EIDL loans, Ramaci falsely represented the SBA revenue and costs of goods sold for the business he was applying for.

“This defendant’s actions, as evidenced by his guilty plea to two separate fraud schemes, cost the taxpayer and the government hundreds of thousands of dollars,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “His deceptive financial scheme warrants this prison sentence and sends the message that such practices will not be tolerated.”

Officials state that Ramaci owes the IRS $289,531 for tax offenses committed between 2017 and 2021, including failing to file or filing false income tax returns.

Ramaci was using his Charleston business, Elements of Genius, to pay for personal expenses without reporting these payments as income.

There is no parole in the federal system and the court has ordered Ramaci to pay $538,178.88 in restitution for the offenses of conviction. He is also ordered to pay $1,009,684.00 in restitution to victims of offenses that he did not plead guilty to, which was agreed to by the parties in the plea agreement, according to the Department of Justice.