U.S. Attorney Michael F. Easley, Jr. | U.S. Department of Justice
U.S. Attorney Michael F. Easley, Jr. | U.S. Department of Justice
Raleigh businessman Wilson Alfredo Olivera Borda has pled guilty to nine counts of defrauding the Paycheck Protection Program (PPP) for over $1 million. He faces a statutory maximum sentence of 30 years imprisonment and a fine of up to $1,000,000.
Court documents reveal that in 2020 and 2021, Olivera obtained nine PPP loans for five companies by falsely claiming substantial employees and operations. To support his claims, he submitted fabricated tax returns. Two of these companies, The Insurance Centers.Com and The Insurance Centers LLC, were not separate entities but trade names used by another company that had already received COVID relief funding. The other three companies—Realty Vestors LLC, US-Kaizen LLC, and Ecobuild LLC—had minimal or no operations and no employees.
After securing the loans, Olivera made further false statements to obtain loan forgiveness. All nine loans were fully forgiven by the U.S. Small Business Administration.
"This businessman pocketed over $1 million in PPP relief funds by submitting bogus tax returns suggesting his business had legitimate operations and employees," stated U.S. Attorney Michael F. Easley Jr. "When the FBI dug in, the house of cards came tumbling down." He added that law enforcement is actively working to eliminate fraud from public programs.
The announcement was made by Michael F. Easley Jr., U.S. Attorney for the Eastern District of North Carolina following Olivera's arraignment by United States District Judge Terrence Boyle. The Federal Bureau of Investigation conducted the investigation.
Assistant United States Attorney Chris Cogburn prosecuted the case on behalf of the government.
Further details can be accessed through related court documents available on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER under Case No. 5:24-CR-215-BO.
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