Final Conspirator Pleads Guilty In Fraudulent Loan And Bank Bribery Scheme
Audrey Strauss, the United States Attorney for the Southern District of New York, announced that ADEDAYO ILORI pled guilty today before United States District Judge Lewis J. Liman to one count of conspiracy to commit wire and mail fraud in connection with his role in a loan fraud scheme. ILORI also admitted that he conspired to commit money laundering, in violation of Title 18, United States Code, Section 1956(h). Codefendants Herode Chancy and Michael Albarella, who at the time of offense were employed as a managers at a Manhattan branch of a national bank (“Bank-1”), previously pled guilty before Judge Liman in connection with their respective roles in the scheme.
U.S. Attorney Audrey Strauss said: “Adedayo Ilori worked with bank insiders to obtain over $1 million in commercial loans for fake businesses. Ilori used stolen identities to apply for the loans and open bank accounts to receive the loan proceeds. His co-conspirators used a stolen identity provided by Ilori to launder a portion of the loan proceeds. Now all three have admitted their guilt and await sentencing for their crimes.”
According to the allegations in the Complaint, Indictment, and statements made in court:
From at least in or about March 2019 up to and including at least in or about March 2020, ILORI and Chancy conspired to fraudulently obtain business loans from a third-party commercial lender with the intent not to repay the loans – i.e., with the intent to “bust out” the loans. ILORI and Chancy together submitted eight fraudulent business loan applications for a total of $1,020,000 in business loans. The business loan applications submitted by ILORI and Chancy included doctored bank statements and listed the identities of other persons as the loan applicants, including stolen identities provided by ILORI. ILORI and Chancy also opened bank accounts using the identities of those other persons in order to receive the loan payments from the third-party commercial lender. ILORI and Chancy subsequently conspired with Albarella to open a bank account at Bank-1 using a stolen identity provided by ILORI to launder approximately $200,000 of the expected proceeds of the loan scheme. Albarella opened the bank account at Bank-1 using the stolen identity provided by ILORI and Chancy, and Albarella accepted a $10,000 bribe to open the bank account.
ILORI and Chancy believed that the underwriter for the third-party commercial lender was participating in the scheme and agreed to pay the underwriter a “commission” for the underwriter’s role in the scheme. In reality, however, the underwriter was an undercover law enforcement officer.
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ILORI, 42 of Queens, New York, pled guilty to one count of conspiracy to commit wire and mail fraud, which carries a maximum penalty of 20 years in prison. The statutory maximum sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.
ILORI is scheduled to be sentenced by Judge Liman on July 22, 2021, at 2:00 p.m.
Ms. Strauss praised the outstanding investigative work of the New York FBI’s Eurasian Organized Crime Task Force and the El Dorado Task Force of Homeland Security Investigations.
This case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant United States Attorneys Tara M. La Morte and Cecilia E. Vogel are in charge of the prosecution.