News Brief: Nigerian Monarch Jailed 4 Years In U.S. Over $4.2m COVID-19 Fraud
The Apetu of Ipetumodu, Osun State, Oba Joseph Oloyede, has been sentenced to 56 months (over 4 years) in a U.S. prison for his role in a $4.2 million COVID-19 relief fraud scheme.
Oloyede, 62, who holds dual citizenship, was convicted of conspiring to submit fraudulent applications for emergency loans under the CARES Act between 2020 and 2022.
U.S. District Judge Christopher A. Boyko also ordered him to pay $4.4 million in restitution, forfeit his Medina, Ohio home, and serve three years of supervised release after prison.
According to the FBI, Oloyede used his six companies to falsify records and secure loans meant for struggling businesses, diverting funds for personal use. He also assisted others in similar fraud schemes for a fee.
#Fraud #COVID19Relief #USJustice
The Apetu of Ipetumodu, Osun State, Oba Joseph Oloyede, has been sentenced to 56 months (over 4 years) in a U.S. prison for his role in a $4.2 million COVID-19 relief fraud scheme.
Oloyede, 62, who holds dual citizenship, was convicted of conspiring to submit fraudulent applications for emergency loans under the CARES Act between 2020 and 2022.
U.S. District Judge Christopher A. Boyko also ordered him to pay $4.4 million in restitution, forfeit his Medina, Ohio home, and serve three years of supervised release after prison.
According to the FBI, Oloyede used his six companies to falsify records and secure loans meant for struggling businesses, diverting funds for personal use. He also assisted others in similar fraud schemes for a fee.
#Fraud #COVID19Relief #USJustice
News Brief: Nigerian Monarch Jailed 4 Years In U.S. Over $4.2m COVID-19 Fraud
The Apetu of Ipetumodu, Osun State, Oba Joseph Oloyede, has been sentenced to 56 months (over 4 years) in a U.S. prison for his role in a $4.2 million COVID-19 relief fraud scheme.
Oloyede, 62, who holds dual citizenship, was convicted of conspiring to submit fraudulent applications for emergency loans under the CARES Act between 2020 and 2022.
U.S. District Judge Christopher A. Boyko also ordered him to pay $4.4 million in restitution, forfeit his Medina, Ohio home, and serve three years of supervised release after prison.
According to the FBI, Oloyede used his six companies to falsify records and secure loans meant for struggling businesses, diverting funds for personal use. He also assisted others in similar fraud schemes for a fee.
#Fraud #COVID19Relief #USJustice
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