(BCN) -- A San Carlos man was given over three years in federal prison on Monday for millions of dollars worth of fraud related to investment schemes and pandemic relief funds, according to prosecutors. David Cacchione, 59, pleaded guilty to conspiracy to commit wire fraud and wire fraud in connection with an investment fraud scheme and a false federal loan disaster application, as well as tax evasion. He was sentenced to 40 months in prison. According to his plea agreement, Cacchione admitted that he and a co-conspirator defrauded multiple investors by convincing them that their money would be used to purchase accounts receivable that did not exist, prosecutors said. Instead, he used the investor funds to pay personal expenses and to reimburse other victims. Serial shoplifter arrested, connected to 113 incidents throughout San Jose: police Cacchione admitted that victim investors were defrauded out of more than $1.1 million, according to prosecutors. Cacchione also submitted an economic injury disaster loan application during the COVID-19 pandemic in September 2020. He falsely claimed he had $1 million in revenue and three employees at his company, thereby obtaining a $149,900 loan that he used to pay personal expenses. In addition to the prison term, he must pay $1.4 million in restitution and forfeit his $450,000 equity stake in a technology company, according to prosecutors. Copyright © 2024 Bay City News, Inc.