Nigerian traditional ruler chop four years jail term for US sake of wire and tax fraud
Wia dis foto come from, Oba Joseph Oloyede
Di Apetu of Ipetumodu for Osun State, southwest Nigeria, Oba Joseph Oloyede, don chop more dan four years jail term for di United States afta im plead to wire and tax fraud.
According to di US authorities, di convict wey also get American citizenship bin create and lead one scheme to collect more dan $4.2 million from federal loan and grant programs wey suppose assist small businesses wit economic hardship wey dem suffer sake of Covid-19 pandemic.
Di 62-year-old traditional ruler wey bin dey live for Medina, Ohio, chop 56 months for prison.
Na U.S. District Judge Christopher A. Boyko sentence am on Tuesday 26 August afta e bin plead guilty for April.
Di charges na:
- One count of conspiracy to commit wire fraud
- Three counts of engaging in monetary transactions in criminally derived property
- Two counts of making and subscribing a false tax return
Dem also order Oloyede to serve three years of supervised release afta imprisonment and pay $4,408,543.38 in restitution. E don also forfeit im Medina home on Foote Road, wey e bin acquire wit proceeds of di scheme, and additional $96,006.89 in fraud proceeds investigators don seize.
Court documents show say from about April 2020 to February 2022, Oloyede and im co-conspirator, Edward Oluwasanmi, 62, of Willoughby, bin conspire to submit fraudulent applications for loans wey dem make available through the U.S. Small Business Association (SBA) under di Coronavirus Aid, Relief, and Economic Security (CARES) Act.
"Among di na di Paycheck Protection Program (PPP) and di Economic Injury Disaster Loan (EIDL) program, wey bin aide small businesses wey suffer financial hardship sake of pandemic wit loans and grants," di US Department of Justice tok for statement wey dem release on Tuesday.
Dem say during di investigation, agents find say Oloyede bin operate as tax preparer and own five businesses and one non-profit.
"Im co-defendant—and tax client—Oluwasanmi, bin own additional three business entities; all dey incorporated for Ohio. Both defendants bin use dia businesses to submit loan applications using false information. Dem obtain approximately $1.2 million in SBA funds for Oluwasanmi entities and $1.7 million for Oloyede's entities," di statement tok.
Dem say Oloyede also submit fraudulent PPP and EIDL applications in di names of some of im clients and dia businesses.
Di statement add: "In exchange, Oloyede go receive 15-20% of dia loans as di fee, or kickback, for obtaining di loans for dem, witout reporting dis income to di IRS on im own tax returns.
"Investigators learn say di defendant bin use funds obtain from dis loans to acquire land and build home and purchase luxury vehicle. In total, Oloyede bin cause di SBA to approve 38 fraudulent applications, wey amount to $4,213,378 in disbursed loans and advances."
According to info wey dem present to Judge Boyko, Oloyede become US citizen via naturalisation and e become monarch for Nigeria city of Ipetumodu.
Court sentence Oluwasanmi for July 2024 to 27 months for prison sake of di role im play for di conspiracy. Dem also order say im go serve three years of supervised release, im go pay 15,000 dollars fine and go pay restitution of 1.2 million dollars.
Oluwasanmi also forfeit plenti part of di scheme moni wey im bin receive including one commercial property for Green Road South Euclid wey be proceeds of fraud and more dan 600,000 dollars wey im transfer to financial accounts.
Na di US department of Transportation-Office of di Inspector General investigate di case, as part of di Pandemic Response Accountability Committee Fraud Task Force; FBI Cleveland Division; and IRS-Criminal Investigation.
Na Assistant United States Attorneys Edward D. Brydle and James L. Morford for Northern District of Ohio prosecute di case.
