Rolling Meadows Tax Pro Gets 10 Years For Stealing $2.5M: Feds

CHICAGO — A Rolling Meadows man has been sentenced to more than 10 years for fraudulently obtaining more than $2.5 million from clients and investors under false pretenses in his dual roles as a tax and investment professional. Adam R. Oliva, 43, pleaded guilty last year in two federal fraud cases.

In one case, Oliva was sentenced to six years in federal prison in December. Authorities said Oliva held himself out as a tax professional who did business under various names, including Oliva and Associates LLC and The Oliva Group LLC. From 2015 to 2020, Oliva fraudulently induced clients to provide him with money for the purported purpose of paying their income taxes. He instead kept the money for himself. Oliva also reportedly admitted that he filed false tax returns on behalf of some of those clients, reflecting no or lower tax liabilities, in order to make it less likely that the IRS would contact the clients about their unpaid tax liabilities.

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

On Wednesday, he received an additional four-and-a-half-year sentence for the other case. In that one, authorities said Oliva duped investors who had provided him with money to fund purported short-term loans to clients. He then reportedly promised those investors that they would receive returns of 10 to 20 percent on their investments. In reality, Oliva never intended to make any short-term loans. Instead, he pocketed the investors' money and used it for personal expenses, including gambling, meals at restaurants, and retail purchases.

According to officials, the prison terms must be served consecutively, for a total period of incarceration of 10 1/2 years.