TRENTON, NJ — A former Monmouth County man has been sentenced to prison for his role in a scheme that stole more than $3.7 million in COVID grant funding, the U.S. Attorney's Office said.Kevin Aguilar, 54, who lived in Farmingdale but moved to Sherman, Texas, was sentenced to 16 years in federal prison by U.S. District Judge Michael A. Shipp on one count of conspiracy to commit bank fraud; seven counts of bank fraud; one count of conspiracy to commit wire fraud; three counts of wire fraud; one count of conspiracy to commit money...
TRENTON, NJ — A former Monmouth County man has been sentenced to prison for his role in a scheme that stole more than $3.7 million in COVID grant funding, the U.S. Attorney's Office said.
Kevin Aguilar, 54, who lived in Farmingdale but moved to Sherman, Texas, was sentenced to 16 years in federal prison by U.S. District Judge Michael A. Shipp on one count of conspiracy to commit bank fraud; seven counts of bank fraud; one count of conspiracy to commit wire fraud; three counts of wire fraud; one count of conspiracy to commit money laundering; one count of money laundering, and one count of aggravated identity theft, authorities said.
Aguilar previously pleaded guilty to those counts before Shipp.
According to court documents and testimony, Aguilar conspired with others from April 2020 through April 2021 to submit seven fraudulent loan applications to the Paycheck Protection Program and three fraudulent applications for Economic Injury Disaster Loans on behalf of four businesses.
As a result, he received about $3.3 million in PPP loan funds and about $450,000 in EIDL funds, authorities said.
Find out what's happening in Howellfor free with the latest updates from Patch.
He then transferred the funds to other businesses that he created to give the false appearance that the PPP and EIDL funds were being used for legitimate purposes, authorities said.
Instead, Aguilar used the money to buy residential properties in Sherman, Texas, a new truck for approximately $100,000, and to pay for other personal expenses, authorities said.
He was arrested and charged in March 2022.
In addition to the prison term, Shipp sentenced Aguilar to 5 years of supervised release and ordered him to pay $3,772,567 in restitution, as well as a forfeiture money judgment of $3,772,567.
Shipp also ordered the forfeiture of approximately $1,511,221.62 that law enforcement seized from 12 bank accounts, as well as the three real properties in Sherman, Texas.