By: Richard L. Smith
A former Monmouth County resident has been sentenced to 16 years in federal prison for orchestrating a wide-ranging scheme to fraudulently obtain millions in federal COVID-19 relief funds, according to information released by the U.S. Attorney’s Office.
Kevin Aguilar, 54, formerly of Farmingdale, New Jersey, was sentenced by U.S. District Judge Michael A. Shipp in Trenton federal court after pleading guilty to multiple charges, including conspiracy to commit bank fraud, wire fraud, money laundering, and aggravated identity theft.
Federal prosecutors said Aguilar conspired with others between April 2020 and April 2021 to submit fraudulent applications for seven Payroll Protection Program (PPP) loans and three Economic Injury Disaster Loans (EIDL) on behalf of four businesses.
The applications led to payouts of approximately $3.3 million in PPP funds and $450,000 in EIDL funds.
Authorities said Aguilar then funneled the funds through shell companies to make it appear the money was being used legitimately. Instead, he used the money for personal expenses, including purchasing residential properties in Sherman, Texas, and a $100,000 truck.
In addition to the 192-month prison sentence, Aguilar was ordered to serve five years of supervised release and pay $3.77 million in restitution.
Judge Shipp also approved the forfeiture of over $1.5 million seized from 12 bank accounts and three Texas properties tied to the scheme.
The case was prosecuted by the U.S. Attorney’s Office as part of the federal government’s broader effort to hold individuals accountable for pandemic-related fraud.