The U.S. Attorney’s Office for the Western District of North Carolina announced that Steven Andiloro, 53, of Mooresville, has pleaded guilty to securities fraud and wire fraud. Andiloro admitted to orchestrating a multimillion-dollar investment fraud scheme from 2018 to 2021 and fraudulently obtaining over $2.6 million in COVID-19 relief funds.
According to the U.S. Attorney’s Office, Andiloro convinced investors to contribute funds to both real and fictitious businesses by falsely representing the intended use of their investments. For example, some investors were told their money would be directed to his car service business, while others believed they were investing in a non-existent marijuana dispensary. However, rather than investing the funds as promised, Andiloro allegedly used the money for personal expenses and to make Ponzi-style payments to other investors.
Additionally, between April 2020 and March 2021, Andiloro reportedly engaged in COVID-19 relief fraud by submitting false Paycheck Protection Program (PPP) applications with inflated financial details about his businesses. These applications included fabricated employment data and revenue information, which enabled him to fraudulently obtain millions in relief funds. Andiloro then used these funds to support his personal lifestyle and perpetuate the investment scheme.
Andiloro faces a maximum prison sentence of 20 years for each charge of securities fraud and wire fraud. A sentencing date has not yet been set, and he is currently released on bond.