Illinois Woman Sentenced for Unclaimed Property Fraud

A judge sentenced Maria Michaud to three years in prison for orchestrating a scheme to steal unclaimed state property.

Updated on Oct. 15, 2026 in Financial Crime

Illinois Woman Sentenced for Unclaimed Property Fraud

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Maria Michaud received a three-year prison sentence following her guilty plea to identity theft and money laundering. She fraudulently obtained over $247,000 from the Illinois State Treasurer by using the personal information of four individuals.

Why it matters

The case highlights the vulnerability of state unclaimed property systems to identity-based fraud. The scheme also involved the illegal procurement of federal pandemic relief funds through fraudulent Paycheck Protection Program filings.

Maria Michaud was sentenced to three years in prison with 403 days of credit for time spent on curfew. She is also required to pay $549 in court assessments after prosecutors dismissed 13 of the 15 original counts.

The players

Maria Michaud

She is the defendant who pleaded guilty to identity theft and money laundering charges.

Illinois State Treasurer

This constitutional office manages unclaimed property and flagged the fraudulent claims for investigation.

Huntington Bank

This financial institution was used to open fraudulent accounts involved in the scheme.

One United Bank

The defendant utilized this bank to facilitate the deposit of illicit funds.

The details

Michaud used the identities of four victims, including two seniors, to file false claims with the state. She funneled the stolen funds and a $20,275 fraudulent PPP loan into bank accounts she controlled at Huntington Bank and One United Bank.

September 29, 2019 - August 4, 2020: Defendant submitted fraudulent claims.
December 2019 - June 2020: Defendant opened fraudulent bank accounts.
July 2020 - April 2021: Defendant obtained fraudulent PPP loan.
October 14, 2026: Judge sentenced defendant to prison.

Legal Context

This case follows a pattern of abuse identified in the Paycheck Protection Program where bad actors exploited emergency lending relief. It reflects ongoing efforts by state authorities to combat identity-based fraud within public financial systems.

The identification of fraudulent claims by the state treasurer serves as a security safeguard for residents who may have unclaimed property. Residents should regularly monitor their own financial and government accounts to detect unauthorized identity usage.

The takeaway

Financial fraud schemes targeting government programs often rely on the stolen personal identifiers of vulnerable populations. Individuals are encouraged to monitor their credit reports and state unclaimed property records to ensure their identities have not been compromised.