BOSTON ― A Lynn man pleaded guilty in federal court Friday in connection with a scheme to defraud several financial institutions and their customers with fraudulent identification documents.
Emeka Iloba, 27, pleaded guilty to one count of conspiracy to commit bank fraud and one count of aggravated identity theft.
According to the U.S. Attorney’s office, Iloba participated in and at times directed the scheme, in which he and others used fraudulent identification documents and other means to withdraw money from customers’ accounts at various banks in the form of checks, cash and wire transfers. The funds were then deposited in other bank accounts opened in the names of fictitious business entities before being withdrawn.
The scheme resulted in approximately $1.5 million in losses between April 2017 and March 2018.
Iloba was charged along with a co-conspirator in March.
The charge of conspiracy to commit bank fraud provides up to 30 years in prison, up to five years of supervised release and a fine of $1 million. The charge of aggravated identity theft provides for a mandatory sentence of two years in prison, one year of supervised release and a fine of $250,000.
Sentencing is scheduled for Dec. 16.
