FARMINGDALE – A former Monmouth County resident has admitted his role in illegally obtaining about $3.75 million in federal pandemic-related loans, officials said.
Kevin Aguilar, 54, previously of Farmingdale, New Jersey, pleaded guilty October 15 to a superseding indictment charging him with 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.
On March 29, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted to provide emergency financial assistance to millions of Americans suffering the economic effects caused by the COVID-19 pandemic
According to officials, Aguilar conspired with others to submit seven fraudulent PPP loan applications and three fraudulent EIDL applications on behalf of four businesses. He received about $3.3 million in PPP loan funds and about $450,000 in EIDL funds, officials said.
After receiving the funds, Aguilar transferred them to other businesses that he created to give the false appearance that the PPP and EIDL funds were being used for legitimate purposes. He then used the funds to purchase residential properties in Sherman, Texas, a new truck for about $100,000, and to pay for other personal expenses, officials said.
Charges remain pending against Aguilar’s co-defendant, Jean E. Rabbitt, formerly of Farmingdale, New Jersey. The charges and allegations against Rabbitt are merely accusations and she is presumed innocent unless and until proven guilty.
The bank fraud conspiracy count and each count of bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine. The wire fraud conspiracy count and each count of wire fraud carries a maximum penalty of 20 years in prison and $250,000 fine, or twice the gross gain to the defendant or loss to the victim, whichever is greatest. The money laundering conspiracy count and money laundering count each carry a maximum penalty of 10 years in prison and a $250,000 fine, or twice the gross gain to the defendant or loss to the victim, whichever is greatest. The aggravated identity theft counts carry an additional consecutive mandatory minimum term of two years in prison and a maximum fine of up to $250,000, or twice the gross gain or loss from the offense.
Aguilar’s sentencing is scheduled for March 25, 2025.
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