MOORESVILLE, N.C. — A Mooresville man faces federal charges based on his connection to an alleged investment fraud scheme. The United States Department of Justice said in a news release that 51-year-old Steven Andiloro is also accused of fraudulently obtaining more than $2.6 million in COVID-19 relief funds.
An indictment alleges that Andiloro operated an investment fraud scheme from 2018 to 2021, taking investments from victims to invest their money in both real and fake businesses, and allegedly giving false information about how the money would be invested. He's also accused of using some of these funds to pay for personal expenses or "make Ponzi-style payments to other investors."
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Andiloro is accused of allegedly fraudulently obtaining funds from the Paycheck Protection Program from April 2020 to March 2021 by submitting fraudulent applications for the relief loans, allegedly including false financial information about his businesses including employment data and revenues.
He faces multiple charges, based on the indictment: Securities fraud and wire fraud with a maximum sentence of 20 years and a $250,000 fine for each offense, and money laundering with a maximum of 10 years in prison. The news release from the U.S. Department of Justice notes that Andiloro is presumed innocent unless proven guilty.
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