NEW YORK, NY – Adedayo Ilori, a repeat offender, was found guilty today of masterminding a brazen scheme to steal over $10 million in COVID-19 relief funds. The federal jury delivered the verdict after a week-long trial in U.S. District Court, revealing a calculated effort to exploit a nation in crisis. Ilori, already facing separate criminal charges, allegedly committed these new offenses while on pretrial release – a stunning display of audacity.
The U.S. Attorney for the Southern District of New York, Damian Williams, minced no words. “Adedayo Ilori used the stolen identities of innocent victims to steal Government money that was set aside to help small businesses stay afloat during the COVID-19 pandemic,” Williams stated. “Ilori illegally profited from a national emergency.” The scheme, executed with co-defendant Chris Recamier, involved fabricating identities, sham tax records, and bogus corporate documents to siphon funds from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) programs.
Prosecutors laid out evidence showing Ilori and Recamier applied for 14 fraudulent loans, claiming to operate companies with over 200 employees and a combined monthly payroll exceeding $3.2 million. The reality? These companies were phantom entities, existing only on paper. The pair allegedly pilfered the identities of unsuspecting individuals, using them to open accounts and submit falsified tax documents – documents that were never actually filed with the IRS. They successfully secured over $1 million and attempted to grab over $10 million in total.
The stolen funds weren’t stashed away; they were flaunted. Ilori and Recamier allegedly funneled the money into cryptocurrency investments, stock purchases, cash withdrawals, and a lavish lifestyle. This included leasing luxury apartments and purchasing a Mercedes-Benz. Even the investment accounts were opened using the stolen identities, deepening the layers of deceit. The CARES Act, designed to provide a lifeline to struggling Americans, became a personal piggy bank for these two men.
This wasn’t a simple case of opportunistic theft. Ilori’s history as a “recidivist fraudster” – a repeat offender – paints a picture of a seasoned criminal with a penchant for exploiting financial systems. The fact that he allegedly carried out this scheme while already awaiting trial in another criminal case underscores his brazen disregard for the law. The Department of Justice-Office of Inspector General, along with the dedicated prosecutors in the U.S. Attorney’s Office, built a solid case that convinced a unanimous jury of Ilori’s guilt.
Adedayo Ilori now faces sentencing on January 31, 2023, before U.S. District Judge Mary Kay Vyskocil. While the exact length of his sentence remains to be determined, the unanimous guilty verdict sends a clear message: those who prey on emergency relief programs and exploit the identities of innocent citizens will be held accountable. The investigation into Chris Recamier remains ongoing.
Related Federal Cases
- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · Ohio
- Sark Wire Corporation, PPP Loan Fraud, Albany NY, 2020 · Ohio
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · Oregon
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2023 · North Carolina
- Mark Thompson, Wire Fraud and Conspiracy, New York NY, 2023 · Ohio
Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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