Lynn Man Sentenced for Bank Fraud Conspiracy and Identity Theft
BOSTON – A Lynn man was sentenced on Friday, Feb. 25, 2022, for his involvement in a scheme to defraud several financial institutions and obtain money from customers using fraudulent identification documents.
Emeka Iloba, 27, was sentenced by U.S. District Court Judge Leo T. Sorokin to 33 months in prison and six years of supervised release. Iloba was also ordered to pay $1,672,677 in restitution. On Aug. 26, 2021, Iloba pleaded guilty to one count of conspiracy to commit bank fraud and one count of aggravated identity theft.
Iloba participated in, and at times directed, a scheme to defraud multiple financial institutions. To carry out the scheme, Iloba and others used fraudulent identification documents, among other means, to withdraw money from customers’ bank accounts in the form of checks, cash and wire transfers. The fraudulently obtained funds were then deposited in other bank accounts opened in the names of fictitious business entities before being withdrawn. This scheme resulted in $1,672,677 in losses between April 2017 and March 2018.
United States Attorney Rachael S. Rollins and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorneys Leslie A. Wright and Christopher J. Markham of Rollins’ Securities, Financial & Cyber Fraud Unit prosecuted the case.