Adedayo Ilori, COVID-19 Loan Fraud, New York 2021
Adedayo Ilori, a recidivist fraudster, was found guilty of all six counts of an indictment for his participation in a fraudulent scheme to obtain more than $10 million in government-guaranteed loans designed to provide relief to small businesses during the COVID-19 pandemic.
The scheme, which involved the use of stolen identities and falsified tax documents, was uncovered by the U.S. Attorney's Office for the Southern District of New York. Ilori and his co-defendant, Chris Recamier, applied for 14 Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) loans, claiming to employ over 200 people and pay monthly salaries of over $3.2 million in wages.
However, in reality, Ilori and Recamier did not operate the companies, and the majority of the stolen government funds were transferred towards cryptocurrency investments, stock purchases, cash withdrawals, and personal expenses, including leasing luxury apartments and a Mercedes.
Ilori was found guilty following a one-week trial before U.S. District Judge Mary Kay Vyskocil. The jury also found that Ilori committed these crimes while on pretrial release in another serious criminal case brought by this Office.
The COVID-19 pandemic relief programs were designed to provide emergency financial assistance to small businesses affected by the pandemic. The CARES Act authorized hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses through the SBA's PPP.
Ilori is scheduled to be sentenced on January 31, 2023, before Judge Vyskocil. The U.S. Attorney's Office for the Southern District of New York commended the hard work of the Department of Justice-Office of Inspector General and career prosecutors in this Office for their role in uncovering the scheme.
Defendant Information:
- Defendant: Adedayo Ilori
- Criminal Charges: Six counts of an indictment for participation in a fraudulent scheme to obtain government-guaranteed loans
- City and State: New York
- Date: At least in or about August 2020 through at least in or about October 2021
- Sentence: Scheduled to be sentenced on January 31, 2023
- Dollar Amounts: Over $10 million in government-guaranteed loans
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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