Nigeria Monarch was imprisoned for four years in the US more than $ 4.2 million Covid-19 fraud

A traditional Nigerian rulers, Oba Joseph Oloyede, who is an apetu of ipetumodu in Osun state, has been sentenced to more than four years in the United States after he was found guilty of Covid-19 $ 4.2 million fraud

Oloyede 62 years old who hold Nigerian and US doubles and live in Medina, Ohio, was sentenced to be sentenced on Tuesday, August 26, and was committed to 56 months in prison by US Judge Christopher A. Boyko.

The US Attorney General’s Office for the North Ohio district confirmed the verdict in a statement, said the king was also ordered to serve three years of liberation monitored after completing prison sentences and would pay $ 4,408,543.38 as restitution.

“He also lost Medina’s house at Foote Road, which he had obtained with the scheme results, and an additional $ 96,006.89 in the results of fraud confiscated by investigators,” the statement said.

He added that the king, who was related to a priest Nigeria, led a conspiracy to exploit the Covid-19 emergency loan program made for a struggle business.

“From around April 2020 to February 2022, Olyoyede and his co-conspirators, Father Edward Oluwasanmi, were conspiring to submit fraud applications for loans provided through the US Small Business Association (SBA) under the Coronavirus, Assistance and Economic Security Assistance (Cares) Assistance Act.

The court document revealed that Oloyede was charged with a 13-calculating fraud indictment in the US District Court after his arrest by the FBI on May 4, 2024, after a warrant was issued for his concern.

The FBI has accused him of managing the fraud scheme through six registered companies, obtaining a loan intended for businesses that struggle during Pandemi Covid-19.

Further investigations revealed that Olyoyed was suspected of falsifying documents and misusing funds for private expenditure that violated federal law.

During the investigation, the FBI said that in June 2020 alone, Oloyede received more than $ 100,000 in loans for four of its six companies, including available tax services, available tutors, available financial transportation, and available transportation.

“On October 7, 2021, he received a loan of $ 500,000 for Jo & A, followed by a loan of $ 500,000 another two days later for available transportation,” said the FBI.

Further investigations show that the king, an accountant based on the profession, helps co-conspirators in implementing a similar fraud scheme, accusing them the percentage of the amount of loan after disbursement.

“Oloyede helped the co-conspirators and borrowers of the confederation that submitted and caused the PPP and EIDL loan applications that contained false information,” the indictment said.