CHICAGO – Three individuals have been indicted by a federal grand jury in Chicago for allegedly swindling over $2 million in small business loans designated under the Coronavirus Aid, Relief, and Economic Security Act (CARES). Tanika Echols, 45, Antonio Echols, 50, and their daughter Tamia Thompson Davis, 27, are accused of defrauding lenders and the Small Business Administration (SBA) through fraudulent applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL) funds.
Tanika Echols faces 13 counts of wire fraud and seven counts of money laundering, while her husband Antonio is charged with three counts of wire fraud. Davis, Tanika’s daughter, is accused of four counts of wire fraud. The trio is alleged to have obtained approximately $1.7 million in PPP loans and $307,000 in EIDL funds, much of which was spent on personal luxuries such as mink coats.
During their arraignments before U.S. Magistrate Judge Jeffrey T. Gilbert, all three pleaded not guilty. A status hearing is scheduled for August 13, 2025, at 9:00 a.m., in front of U.S. District Judge Thomas M. Durkin.
The indictment was jointly announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Basil Demczak of Amtrak’s Office of Inspector General, and Mark Reeves of the U.S. Railroad Retirement Board’s Office of Inspector General. Assistant U.S. Attorney Elie Zenner is representing the government.
According to the indictment, from 2020 to 2022, the defendants submitted over 100 fraudulent applications for loans on behalf of themselves, seven other individuals, and two businesses owned by Tanika and Antonio Echols. The fraudulent applications included false statements about company revenue, payroll, and employee numbers.
The public is reminded that an indictment contains only charges and does not prove guilt. Wire fraud carries a maximum penalty of 20 years in federal prison, while each count of money laundering could result in ten years. Information on Covid-19 related fraud can be reported to the Department of Justice through the National Center for Disaster Fraud Hotline at 866-720-5721 or online at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.
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Key Facts
- State: Illinois
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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