US Indicts Fraudster, Partner In Scheme To Steal $7Mln In COVID-19 Relief - Justice Dept.

WASHINGTON (Pakistan Point News / Sputnik - 09th December, 2021) A man who pleaded guilty earlier this year to loan fraud faces a new set of charges, along with a co-defendant, in a similar scheme targeting $7 million in COVID-19 relief from the US Small business Administration (SBA), the Justice Department said on Wednesday.

An indictment filed in US Federal court in New York City charges Adedayo Ilori and Chris Recamier over attempts to obtain more than $7 million in government loans intended to provide relief to small businesses during the pandemic, the department said in a press release.

"Adedayo Ilori has made quite a habit of committing loan fraud. While previously facing similar charges in a separate case involving loan and identity fraud - to which Ilori pled guilty in April of this year - he is once again alleged to have committed similar conduct to defraud the SBA and private lenders in an attempt to steal much-needed COVID-19 financial relief," US Attorney Damian Williams said in the release.

Ilori and Recamier allegedly stole the identities of individuals and companies and fraudulently obtained over a million dollars, presumably before getting caught, the release said.

The 2020 CARES Act provided hundreds of billions of Dollars in forgivable loans through the SBA under the Paycheck Protection Program. A separate SBA program provided low interest loans of up to $2 million to help businesses compensate for pandemic related lost revenue.