Date: March 7, 2025
Contact: newsroom@ci.irs.gov
New Bern, NC — A Snow Hill man was sentenced to 50 months in prison for Conspiracy to Commit Wire Fraud related to COVID-19 loans. In March of 2024, Tyreek Rasheed Exum was charged in a multi-count indictment alleging various offenses related to a Covid fraud scheme. On Sept. 24, 2024, Exum pled guilty to Conspiracy to Commit Wire Fraud. Co-defendant Anthony Wandland, Jr., of Chicago, Illinois, pled guilty to the same charge on Nov. 13, 2024.
Exum and Wandland conspired to use over 20 stolen identities and the identities of co-conspirators to apply for Economic Injury Disaster Loans (EIDL) and Pandemic Unemployment Assistance benefits. The indictment charged that Wandland provided Exum with the stolen identities, and, in exchange, Exum gave Wandland a percentage of the proceeds. Each loan application submitted by Exum contained false statements, misrepresentations, and omissions related to income, employment, and claimed business entities. Exum signed various financial documents, including loan and security agreements, in the names of those stolen identities and then had the loan proceeds deposited into his personal bank account, nominee bank accounts, bank accounts of family and friends, and into accounts in the names of stolen identities. Exum exercised control over these accounts by obtaining bank debit cards and by causing nominees to transfer the fraud proceeds to other accounts controlled by him via various digital mediums such as PayPal and CashApp. Exum also withdrew the cash at multiple ATMs. In total, the indictment alleged Exum received nearly $1 million in fraudulent loan proceeds. The Court ordered Exuma to pay more than $620,000 in restitution.
Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge Louise W. Flanagan. IRS Criminal Investigation (IRS-CI) investigated the case and Special Assistant U.S. Attorney Lisa Labresh prosecuted the case.
IRS-CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a 90% federal conviction rate. The agency has 20 field offices located across the U.S. and 14 attaché posts abroad.