A federal grand jury in Chicago has indicted three individuals accused of fraudulently obtaining over $2 million in small business loans under the CARES Act. The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, alongside other officials.
The individuals charged are Tanika Echols, 45, Antonio Echols, 50, both from Austin, Texas and formerly of South Holland, Illinois, and Tamia Thompson Davis, 27, also from Austin. Tanika Echols faces 13 counts of wire fraud and seven counts of money laundering. Her husband Antonio is charged with three counts of wire fraud while her daughter Tamia is charged with four counts.
According to the indictment returned in the Northern District of Illinois, the defendants allegedly defrauded lenders out of approximately $1.7 million in PPP loans and defrauded the SBA out of about $307,000 in EIDL funds. It is alleged that much of this money was used for personal benefit.
The defendants pleaded not guilty during their arraignments before U.S. Magistrate Judge Jeffrey T. Gilbert. A status hearing is scheduled for August 13, 2025.
As outlined by the CARES Act provisions involved in this case: PPP loans could be forgiven if spent on essential expenses like payroll; EIDL offered loan assistance for working capital.
The indictment claims that between 2020 and 2022 the defendants submitted over 100 fraudulent applications on behalf of themselves and others containing false information about their businesses.
It should be noted that an indictment contains only charges and does not imply guilt; defendants are presumed innocent until proven otherwise. Each charge carries potential prison sentences upon conviction.
The public can report Covid-19 related fraud attempts to authorities via provided contact details.
