Fraudulent Nigerian Monarch Sentenced to 4 Years in US Prison for $4.2m COVID-19 Relief Fund Scam
The Apetu of Ipetumodu in Osun State, Nigeria, Oba Joseph Olugbenga Oloyede, has been sentenced to 56 months in prison in the United States for his role in a $4.2 million COVID-19 relief fund scam. Oloyede, 62, who holds dual US and Nigerian citizenship, was convicted of wire fraud and tax fraud charges linked to the pandemic relief scam.
Oloyede and his co-conspirator, Edward Oluwasanmi, submitted fraudulent applications for loans made available through the US Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
They used false information to obtain approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities.
In addition to the prison sentence, Oloyede was ordered to serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution. He also forfeited his Medina home and an additional $96,006.89 in fraud proceeds.
The case was jointly investigated by the Department of Transportation Office of the Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations as part of the Pandemic Response Accountability Committee Fraud Task Force .
