Northwest suburban tax professional admits to stealing more than $1M from clients in 5-year scheme

CHICAGO — A northwest suburban tax professional admitted in federal court last week to stealing more than $1 million in client funds in a five-year scheme.

Adam Oliva, a 43-year-old Rolling Meadows resident, pleaded guilty on Friday, Sept. 13, to one count of wire fraud and one count of preparing a false tax return, a spokesperson for the U.S. Attorney’s Office of the Northern District of Illinois announced Wednesday.

According to prosecutors, Oliva’s charges stemmed from a scheme that allowed him to fraudulently obtain over $1.1 million from more than 10 clients under false pretenses between 2015 and 2020.

Prosecutors said Oliva, who billed himself as a tax professional, operated under several names, including Oliva and Associates LLC and The Oliva Group LLC.

In a plea agreement, prosecutors said Oliva admitted to fraudulently inducing clients to give him money to purportedly pay their income taxes, but he instead kept the money for himself.

Prosecutors added that Oliva had also filed tax returns for some of the clients which falsely reflected no or lower tax liabilities in an effort to reduce the chances that the IRS would contact the clients about unpaid tax liabilities.

U.S. District Judge Andrea Wood set Oliva’s sentencing for Jan. 24, 2025, and prosecutors said the wire fraud count is punishable by up to 20 years in federal prison and the tax is punishable by up to three years.

The theft of client funds is not Oliva’s first run-in with the law. In 2023, he pleaded guilty in a separate fraud case after he was found to be duping investors who had paid him to fund purported short-term loans to clients.

Prosecutors said Oliva had told investors that they would receive a 10% to 20% return on their investments, when in reality he kept the money, using it for personal expenses, like gambling, food and retail purchases.

Oliva is set to appear for sentencing in that case on Wednesday and could face up to 20 years in prison.

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