Rolling Meadows Tax Pro Admits Stealing $1.1M From Clients: Feds

CHICAGO — A tax professional from Rolling Meadows admitted in federal court that he fraudulently obtained more than $1.1 million from more than 10 clients. According to prosecutors. Adam R. Oliva, 43, was able to get the money from his clients under the false pretense that the money would be sent to the IRS and state revenue authorities to satisfy tax liabilities.

Oliva pled guilty last Friday to one count of wire fraud and one count of preparing a false tax return. The wire fraud count is punishable by up to 20 years in federal prison, while the tax count carries a maximum sentence of three years. Sentencing is planned for Jan. 24, 2025.

Oliva did business under various names, including Oliva and Associates LLC and The Oliva Group LLC. Prosecutors said Oliva admitted in a plea agreement that from 2015 to 2020, he fraudulently induced the clients to provide him with money for the purported purpose of paying the clients' income taxes. Instead, Oliva kept the money for himself.

In addition, Oliva admitted that he filed false tax returns on behalf of some of the clients, reflecting no or lower tax liabilities, in order to make it less likely that the IRS would contact them about their unpaid tax liabilities.

Earlier this year, in a separate fraud case, Oliva pleaded guilty to duping investors who had provided him with money to fund purported short-term loans to clients. Prosecutors said Oliva promised the investors that they would receive returns of 10 to 20 percent on their investments, but in reality, he never intended to make any short-term loans. Instead, he reportedly pocketed the investors' money and used it for personal expenses, including gambling, meals at restaurants, retail purchases. In that case, Oliva faces up to 20 years in prison when he is sentenced on Oct. 18.