By: Richard L. Smith
A former Monmouth County resident, Kevin Aguilar, 54, has pleaded guilty to his involvement in a scheme to fraudulently obtain millions in Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, U.S. Attorney Philip R. Sellinger announced.
Aguilar admitted to the charges in federal court on October 15, 2024, before U.S. District Judge Michael A. Shipp.
Aguilar, previously of Farmingdale, confessed to submitting seven fraudulent PPP loan applications and three fraudulent EIDL applications between April 2020 and April 2021.
These applications, filed on behalf of four businesses, netted him approximately $3.3 million in PPP funds and $450,000 in EIDL funds. Instead of using the funds for legitimate business purposes, Aguilar transferred the money to shell companies he created, using it to purchase real estate in Texas, a $100,000 truck, and other personal expenses.
Aguilar faces multiple charges, including conspiracy to commit bank fraud, wire fraud, money laundering, and aggravated identity theft.
If convicted on all counts, he could face decades in prison, with sentencing scheduled for March 25, 2025.