Steven Andiloro, 53, of Mooresville, pleaded guilty to securities fraud and wire fraud for running a multimillion-dollar investment fraud scheme and fraudulently securing more than $2.6 million in COVID-19 relief funds, according to the U.S. Attorney’s Office for the Western District of North Carolina.
From 2018 to 2021, Andiloro orchestrated an elaborate investment fraud scheme, convincing victims to invest in both real and fictitious businesses. Victims were misled into believing their funds would be used to support Andiloro’s car service business or a marijuana dispensary that did not exist. Instead of investing the funds as promised, Andiloro used the money for personal expenses and to pay earlier investors in a Ponzi-style operation.
In addition to the investment fraud, Andiloro committed COVID-19 relief fraud by obtaining Paycheck Protection Program (PPP) funds between April 2020 and March 2021. His fraudulent applications included falsified employment data and inflated financial details about his businesses. As a result, he was able to secure over $2.6 million in relief funds, which he used to support his personal lifestyle and fund his ongoing fraudulent activities.
Both securities fraud and wire fraud charges carry a maximum prison sentence of 20 years. A sentencing date has not yet been set, but Andiloro has been released on bond while awaiting his sentencing.
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