SHERMAN, Texas — A Collin County man and a Floridian have been found guilty of federal violations related to a COVID fraud scheme in the Eastern District of Texas. Cord Dean Newman, a 47-year-old from Homosassa, Florida, and Eric “Phoenix” Marascio, a 53-year-old from Allen, were convicted 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 involved in a multimillion-dollar loan fraud and money laundering conspiracy, according to information presented in court.
The pair defrauded lenders and the Small Business Administration’s Paycheck Protection Program (PPP) by applying for and obtaining fraudulent loans during the COVID-19 pandemic. The funds were then used for non-business-related expenditures, including investments in foreign exchange currency markets and vehicle purchases…