Repeat Offender Sentenced for Commercial Loan Scheme
ADEDAYO ILORI, a recidivist fraudster with multiple prior fraud convictions, was sentenced to 63 months in prison for his role in a commercial loan fraud and bank bribery scheme.
According to authorities, ILORI, 43, of Queens, New York, worked with bank insiders to obtain over $1 million in commercial loans for fake businesses.
The scheme, which occurred from at least March 2019 to March 2020, involved ILORI and co-conspirators submitting eight fraudulent business loan applications, including doctored bank statements and stolen identities.
ILORI and his co-conspirators also opened bank accounts using stolen identities to receive loan payments and laundered approximately $200,000 of the expected proceeds.
U.S. Attorney Damian Williams praised the investigative work of the New York FBI’s Eurasian Organized Crime Task Force and the El Dorado Task Force of Homeland Security Investigations.
ILORI was sentenced to three years of supervised release and ordered to forfeit $10,000 in fraudulent proceeds.
The case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit.
ILORI’s sentence serves as a message to those engaged in similar schemes that such conduct will be seriously punished.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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