A Chicagoland tax advisor has come clean in federal court, confessing to a scheme that fleeced clients out of more than $1.1 million, according to a report by the U.S. Attorney's Office for the Northern District of Illinois. Adam R. Oliva of Rolling Meadows, Ill, pleaded guilty on Sept. 13, 2024, to charges including wire fraud and preparing a false tax return, crimes that could land him behind bars for decades.
Oliva, 43, exploited his position to misdirect client funds, purporting to settle tax debts but instead, directing the cash into his own coffers. The tax pro operated under names like Oliva and Associates LLC and The Oliva Group LLC. He admitted in his plea that, from 2015 through 2020, he coerced clients to hand over money fancifully destined to satisfy their income tax liabilities. In a deceitful twist, Oliva also filed fraudulent tax returns to reduce the likelihood of IRS inquiries into these unpaid taxes.
The legal consequences for Oliva are steep. The wire fraud count carries a potential 20-year prison sentence, and a false tax return charge up to three years. Sentencing is slated for Jan. 24, 2025, by U.S. District Judge Andrea R. Wood. The announcement was made by officials including Acting U.S. Attorney Morris Pasqual and the IRS Acting Special Agent-in-Charge Ramsey E. Covington.
Compounding his legal woes, Oliva previously pleaded guilty in another fraud case, having conned investors under the pretext of funding short-term loans with substantial returns of 10-20%. In this scheme as well, Oliva had no intentions to uphold his end of the deal, instead diverting the funds for personal use. His sentencing for this offense is scheduled for Oct. 18, 2024, with the possibility of another 20-year term according to Judge John J. Tharp, Jr.
Assistant U.S. Attorney Rick D. Young, representing the government in the recent case, observed a troubling pattern in Oliva’s financial betrayals.
