Exhibit Superseding Indictment — USA v. Ilori et al (Dkt. 43.1)

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This superseding indictment, filed as Document 43-1 on 06/22/22 in Case 1:21-cr-00746-MKV (S.D.N.Y.), charges Adedayo Ilori with major fraud against the United States, conspiracy to commit wire and bank fraud, wire fraud, bank fraud, aggravated identity theft and conspiracy to commit money laundering over PPP and EIDL loans sought from about August 2020 through October 2021. It alleges that Ilori and Chris Recamier claimed companies with more than 230 employees, used stolen identities and forged tax filings, obtained more than $1 million and tried to obtain approximately $9 million more.

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Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 1 of 12
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

eee x
UNITED STATES OF AMERICA
-v. - | SUPERSEDING INDICTMENT
ADEDAYO ILORT, $1 21 Cr. 746 (MRV)
Defendant.
Soe Ly
COUNT ONE

(Major Fraud Against the United States)
Overview

The Grand Jury charges:

1. From at least in or about August 2020 through at least
in or about October 2021, ADEDAYO ILORI, the defendant, Chris
Recamier, and others known and unknown engaged in a scheme to
obtain and attempt to obtain Government, or Government-—guaranteed,
loans through loan programs of the United States Small Business
Administration (the “SBA” ) designed to provide relief to smail
businesses during the novel coronavirus/COVID-19 pandemic, namely
the Paycheck Protection Program (the “PPP”) and the Economic Injury
Disaster Loan (“EIDL”) Program. In applying for these loans,
TLORI and Recamier fraudulently obtained more than $1 million in
PPP and EIDL funds, and they attempted to obtain more than an
additional approximately $9 million in PPP and EIDL funds.

2. Tn the course of the scheme, ADEDAYO ILORI, the

defendant, and Chris Recamier sought loans for companies
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 2 of 12
purportedly controlled by ILORI and Recamier (the “Companies”).
TLORI and Recamier submitted information representing that these
Companies together had more than 230 employees and paid a total of
approximately $3.2 million in wages to those employees on a monthly
basis. In truth and in fact, ILORI and Recamier operated no such
companies. In submissions to lenders, among other things, ILORI
and Recamier used the stolen identities of unrelated third parties,
and submitted false and forged tax filings, in order to seek the
fraudulent loans.

3. ADEDAYO ILORI, the defendant, and Chris Recamier used |
the proceeds from their fraud scheme toward among other things:
(a) hundreds of thousands of dollars in cryptocurrency
investments; (b) hundreds of thousands of dollars in stocks;
(c) cash withdrawals; and (d) personal expenses. ILORI and
RECAMIER utilized the stolen identities of identity theft victims
in order to establish the cryptocurrency and other investment
accounts to which they directed fraud proceeds.

Statutory Allegations

4, From at least in or about August 2020 through at least
in or about October 2021, in the Southern District of New York and
elsewhere, ADEDAYO ILORI, the defendant, and others known and
unknown, willfully and knowingly executed, and attempted to
execute, a scheme and artifice with the intent to defraud the

United States, and to obtain money and property by means of false
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 3 of 12
and fraudulent pretenses, representations, and promises, in a
grant, contract, subcontract, subsidy, loan, guarantee, insurance,
and other form of Federal assistance, including through an economic
stimulus, recovery and rescue plan provided by the Government, the
value of which was $1,000,000 and more, to wit, ILORI engaged in
-a scheme to obtain, by means of false and fraudulent pretenses,
representations, and documents, more than $10 million in
Government-guaranteed loans for the Companies, through loan
programs of the SBA designed to provide relief to small businesses
during the novel coronavirus/COVID-19 pandemic, namely the PPP and

the EIDL Programs, including while TLORI was released under
conditions of bail imposed pursuant to Title 18, United States
Code, Chapter 207.

(Title 18, United States Code, Sections 1031, 2, and 3147.)

COUNT TWO
(Conspiracy to Commit Wire and Bank Fraud) .

The Grand Jury further charges:

5. The allegations set forth in paragraphs 1 to 3 are
repeated and realleged, and incorporated by reference as if fully
set forth herein.

6. From at least in or about August 2020 through at least
in or about October 2021, in the Southern District of New York and
elsewhere, ADEDAYO ILORI,;, the defendant, and others known and
unknown, willfully and knowingly, combined, conspired,

confederated, and agreed together and with each other to commit,
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 4 of 12
including while ILORI was released under conditions of bail imposed
pursuant to Title 18, United States Code, Chapter 207: (a) wire
fraud, in violation of Title 18, United States Code, Section 1343;
and (b) bank fraud, in violation of Title 18, United States Code,
Section 1344.

7. It was a part and an object of the conspiracy that
ADEDAYO ILORI, the defendant, and others known and unknown,
willfully and knowingly, having devised and intending to devise a
scheme and artifice to defraud and for obtaining money and property
by means of false and fraudulent pretenses, representations, and
promises, would and did transmit and cause to be transmitted by
means of wire, radio, and television communication in interstate
and foreign commerce, writings, signs, signals, pictures, and
sounds for the purpose of executing such scheme and artifice, in
violation of Title 18, United States Code, Section 1343, to wit,
ILORI, and others known and unknown, engaged in a scheme to
fraudulently obtain Government-guaranteed loans for the Companies
from the SBA and financial institutions through the PPP and EIDL
Programs, by making false statements and submitting fraudulent
documents in support of loan applications, including through
electronic communications transmitted into and out of the Southern
District of New York.

8. Tt was further a part and an object of the conspiracy

that ADEDAYO ILORI, the defendant, and others known and unknown,
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 5 of 12
willfully and knowingly, would and did execute and attempt to
execute, a scheme and artifice to defraud a financial institution,
the deposits of which were then insured by the Federal Deposit
Insurance Corporation, and to obtain moneys, funds, credits,
assets, securities, and other property owned by, and under the
custody and control of, such financial institution, by means of
false and fraudulent pretenses, representations, and promises, in
violation of Title 18, United States Code, Section 1344, to wit,
ILORI and others known and unknown, engaged in a scheme to obtain,
by means of false and fraudulent pretenses, representations, and
documents, Government-guaranteed loans for the Companies through
the PPP and EIDL Programs from banks insured by the Federal Deposit
Insurance Corporation (“FDIC”).
(Title 18, United States Code, Sections 1349 and 3147.)

COUNT THREE
(Wire Fraud)

The Grand Jury further charges:

9. The allegations set forth in paragraphs 1 to 3 are
repeated and realleged, and incorporated by reference as if fully
set forth herein.

10. From at least in or about August 2020 through at least
in or about October 2021, in the Southern District of New York and
elsewhere, ADEDAYO ILORI, the defendant, having devised and
intending to devise a scheme and artifice to defraud, and for

obtaining money and property by means of false and fraudulent
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 6 of 12
pretenses, representations, and promises, knowingly transmitted
‘and caused to be transmitted by means of wire, radio, and
television communication in interstate and foreign commerce,
writings, signs, signals, pictures, and sounds, for the purpose of
executing such scheme and artifice, which affected a financial
institution, to wit, ILORI engaged in a scheme to fraudulently
obtain Government-guaranteed loans for the Companies from the SBA
and financial institutions through the PPP and EIDL Programs, by
making false statements and submitting fraudulent documents in
support of loan applications, including through electronic
communications transmitted into and out of the Southern District
of New York, including while ILORI was released under conditions
of bail imposed pursuant to Title 18, United States Code, Chapter
(Title 18, United States Code, Sections 1343, 2, and 3147.)

COUNT FOUR
(Bank Fraud)

The Grand Jury further charges:

11. The allegations set forth in paragraphs 1 to 3 are
repeated and realleged, and incorporated by reference as if fully
set forth herein.

12. From at least in or about August 2020 through at least
in or about October 2021, in the Southern District of New York and
elsewhere, ADEDAYO ILORI, the defendant, willfully and knowingly

executed, and attempted to execute, a scheme and artifice to
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 7 of 12
defraud a financial institution, the deposits of which were insured
by the FDIC, and to obtain moneys, funds, credits, assets,
securities, and other property owned by, and under the custody and
control of, such financial institution, by means of false and
fraudulent pretenses, representations and promises, to wit, ILORI
engaged in a scheme to obtain, by means of false and fraudulent
pretenses, representations, and documents, Government-guaranteed
loans for the Companies through the PPP and EIDL Programs from
FDIC-insured banks, including while ILORI was released under
conditions of bail imposed pursuant to Title 18, United States
Code, Chapter 207. |
(Title 18, United States Code, Sections 1344, 2, and 3147.)

COUNT FIVE
(Aggravated Identity Theft)

The Grand Jury further charges:

13. The allegations set forth in paragraphs 1 to 3 are
repeated and realleged, and incorporated by reference as if fully
set forth herein.

14. From at least in or about August 2020 through at least
in or about October 2021, ADEDAYO-ILORI, the defendant, knowingly
did transfer, possess, and use, without lawful authority, a means
of identification of another person, during and in relation toa.
felony violation enumerated in Title 18, United States Code,
Section 1028A(c), to wit, ILORI used the names and identities of

multiple real people in connection with the submission of
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 8 of 12
fraudulent loan applications and supporting documentation to
multiple financial institutions during and in relation to the fraud _
offenses charged in Counts One through Four of this Indictment,
including while ILORI was released under conditions of bail imposed
pursuant to Title 18, United States Code, Chapter 207. .

(Title 18, United States Code, Sections 1028A(a) (1), (b) &
(c) (4)-(5), 2, and 3147.)

COUNT SIX
(Conspiracy to Commit Money Laundering)

The Grand Jury further charges:

15. The allegations set forth in paragraphs 1 to 3 are
repeated and realleged, and incorporate by reference as if fully
set forth herein.

16. From at least in or about August 2020, through at least
in or about October 2021, ADEDAYO ILORI, the defendant, and others
known and unknown, intentionally and knowingly combined,
conspired, confederated and agreed together and with each other to
commit money laundering, in violation of Title 18, United States
Code, Section 1956(a) (1) (B) (i), including while ILORI was released
under conditions of bail imposed pursuant to Title 18, United
States Code, Chapter 207.

17. It was a part and an object of the conspiracy that
ADEDAYO ILORI, the defendant, and others known and unknown, knowing
that the property involved in certain financial transactions

represented the proceeds of some form of unlawful activity, would
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 9 of 12
and did conduct and attempt to conduct such financial transactions,
which in fact involved the proceeds of specified unlawful activity,
to wit, the wire and bank fraud offenses charged in Counts and
Three and Four of this Indictment, knowing that the transactions
were designed in whole of in part to conceal and disguise the
nature, the location, the source, the ownership, and the control
of the proceeds of specified unlawful activity, in violation of
Title 18, United States Code, Section 1956(a) (1) (B) (i).
(Title 18, United States Code, Sections 1956(h) and 3147.)

FORFEITURE ALLEGATIONS

18. As the result of committing the offenses charged in
Counts Two through Four of this Indictment, ADEDAYO ILORI, the
defendant, shall forfeit to the United States, pursuant to Title
18, United States Code, Section 982(a) (2) (A), any and all
property constituting, or derived from, proceeds obtained
directly or indirectly, as a result of the commission of said
offenses, including but not limited to a sum of money in United
States currency representing the amount of proceeds traceable to
the commission of said offenses and the following specific
property:

a. The Coinbase Account associated with User ID
5££910782e96e80ef 6£7c88c (the “Coinbase Account”) ;

b. The Robinhood Markets Inc. account 698867512 (the

“Robinhood Account”); and
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 10 of 12
on the Charles Schwab One account 8743-4844 (the

“Schwab Account”).

19. As a result of committing the offense alleged in Count
Six of this Indictment, ADEDAYO ILORI, the defendant, shall forfeit
to the United States, pursuant to Title 18, United States Code,
Section 982(a)(1), any and all property, real and personal,
involved in said offense, or any property traceable to such
property, including but not limited to a sum of money in United
States currency representing the amount of property involved in

said offense and the following specific property:

a. The Coinbase Account;
b. The Robinhood Account; and
on The Schwab Account.

Substitute Assets Provision

20. If any of the above-described forfeitable property, as
a result of any act or omission of the defendant:
a. cannot be located upon the exercise of due
diligence;
b. has been transferred or sold to, or deposited with,

a third person;

c. has been placed beyond the jurisdiction of the
Court;

d. has been substantially diminished in value; or

e. has been commingled with other property which

cannot be subdivided without difficulty;
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 11 of 12
it is the intent of the United States, pursuant to Title 21, United
States Code, Section 853(p), and Title 28, United States Code,
Section 2461, to seek forfeiture of any other property of the
defendant up to the value of the forfeitable property described

above.

(Title 18, United States Code, Section 982;
Title 21, United States Code, Section 853; and
Title 28, United States Code, Section 2461.)

FOREPERSON DAMIAN WILLIAMS
United States Attorney
Case 1:21-cr-00746-MKV     Document 43-1     Filed 06/22/22     Page 12 of 12
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

UNITED STATES OF AMERICA
Vv.
ADEDAYO ILORI,

Defendant.

SUPERSEDING INDICTMENT

Sl 21 Cr. 746 (MKV)

(18 U.S.C. §§ 2, 1028A, 1031, 1343, 1344,
1349, 1956, and 3147.)

DAMTAN WILLIAMS
United States Attorney

Boum low

Foreperson


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