The Apetu of Ipetumodu for Osun State, Oba Joseph Oloyede, don get more than four years prison sentence for America.
Oloyede, wey be 62 years old and get both U.S. and Naija citizenship, dey live for Medina, Ohio. On August 26, U.S. District Judge Christopher A. Boyko sentence am to 56 months for prison.
According to wetin U.S. Attorney’s Office for Northern District of Ohio talk, dem still order am make he do three years supervised release after prison and pay back $4.4 million plus.
Dem also collect him house for Medina wey dey Foote Road, wey he buy with money from the fraud, plus another $96,006.89 wey investigators don seize.
Dem talk say Oloyede lead one big plan to chop COVID-19 emergency loan money wey dem prepare for businesses wey dey struggle.
Between April 2020 and February 2022, Oloyede and him partner Edward Oluwasanmi submit fake loan applications under the CARES Act wey U.S. Small Business Association (SBA) provide.
For April, both of dem plead guilty for wire fraud and tax fraud wey relate to the COVID-19 relief scam wey chop over $4.2 million federal money.
Oloyede, wey also dey work as tax preparer, run five businesses and one nonprofit, while Oluwasanmi get three businesses. Dem use these businesses submit fake loan applications.
Dem collect about $1.2 million for Oluwasanmi businesses and $1.7 million for Oloyede own.
Investigators talk say Oloyede still use names of some of him clients and their businesses take apply for PPP and EIDL loans. In return, he dey collect 15–20% from the loan as kickback, and he no declare that money to IRS.
Dem say he use the money buy land, build house and buy luxury car.
Altogether, Oloyede make SBA approve 38 fake applications wey total reach $4.2 million.
Him partner Oluwasanmi, wey also be 62 and dey live for Willoughby, don already get 27 months prison sentence since July. Dem order am to pay back over $1.2 million, forfeit one commercial property and surrender over $600,000 wey dey for bank.
U.S. Attorney’s Office talk say the case na serious one and na joint investigation between Department of Transportation Inspector General, FBI Cleveland Division, and IRS-Criminal Investigations under the Pandemic Response Accountability Committee Fraud Task Force.
Na Assistant U.S. Attorneys Edward D. Brydle and James L. Morford prosecute the case for Northern District of Ohio.
