A U.S. federal court convicted Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, to 56 months in jail for masterminding a multimillion-dollar COVID-19 alleviation fraud scheme…..CONTINUE FULL READING>>>>>
The 62-year-old monarch, who is dual-citizen of the United States and Nigeria, was found guilty of abusing emergency credit programs designed to help faltering companies during the pandemic. U.S. District Judge Christopher A. Boyko in Ohio imposed the sentence, which also requires Oloyede to serve three years of supervised release following his jail term and pay more than $4.4 million in restitution. He was also forced to give up his home in Medina, Ohio, as well as the over $100,000 in fraud earnings that investigators had found.
Oloyede and Edward Oluwasanmi conspired to file false loan applications under the Coronavirus Aid, Relief, and Economic Security (CARES) Act between April 2020 and February 2022, according to the U.S. Attorney’s Office for the Northern District of Ohio. The Pay cheque Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) were among the programs run by the U.S. Small Business Administration (SBA).
According to court documents, Oloyede, a tax preparer who also ran a charitable organisation and many businesses, falsified loan applications for both his clients and his own companies. He was able to collect approximately $1.7 million for himself through this method, while Oluwasanmi was able to secure approximately $1.2 million. Investigators found that Oloyede filed at least 38 false applications, which led to the disbursement of over $4.2 million. In other instances, he faked clients’ applications and failed to disclose the illegal revenue to tax authorities, receiving bribes of up to 20%.
According to the prosecution, the pilfered money was used for personal benefit, which included buying a fancy car, building a home, and buying land. Oluwasanmi, his co-defendant, who is also sixty-two and lives in Willoughby, Ohio, was given a 27-month prison sentence earlier in July. He was mandated to turn over more than $600,000 in confiscated money, forfeit a commercial property, and pay back $1.2 million in restitution. Under the Pandemic Response Accountability Committee Fraud Task Force, the FBI Cleveland Division, IRS-Criminal Investigations, and the Department of Transportation’s Office of the Inspector General conducted a collaborative investigation that was commended by the U.S. Attorney’s Office. Prosecutors said in a statement, “This case demonstrates the government’s determination to hold accountable those who exploited COVID-19 relief programs for personal gain.”…..CONTINUE FULL READING>>>>>
