The Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, has been sentenced to four years and eight months in prison in the United States after being found guilty of wire fraud and tax fraud linked to a COVID-19 relief scam.
Oloyede, 62, who holds dual U.S. and Nigerian citizenship and resides in Medina, Ohio, was sentenced on August 26 by U.S. District Judge Christopher A. Boyko. According to a statement from the U.S. Attorney’s Office for the Northern District of Ohio, he will serve 56 months in federal prison, followed by three years of supervised release. He was also ordered to pay $4,408,543.38 in restitution.
In addition, the monarch forfeited his Medina home on Foote Road — purchased with proceeds of the scheme — along with $96,006.89 in fraud funds seized by investigators.
Prosecutors revealed that between April 2020 and February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, orchestrated a scheme to defraud COVID-19 emergency loan programs created under the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act. These loans were intended to support businesses struggling during the pandemic.
Court documents showed that Oloyede, who also worked as a tax preparer, operated five businesses and one nonprofit, while Oluwasanmi ran three business entities. The pair submitted fraudulent applications for loans, inflating employee numbers and payroll details to secure funds.
The U.S. Attorney’s Office stated that Oloyede secured approximately $1.7 million for his entities, while Oluwasanmi obtained about $1.2 million, with the total fraud siphoning more than $4.2 million in federal stimulus funds.
Both men pleaded guilty earlier this year to charges of wire fraud and tax fraud. The sentencing marks a significant development in ongoing U.S. efforts to crack down on abuse of pandemic relief programs.
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