Oloyede was also ordered to serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution. He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized.
According to the United States attorney's office Northern district of Ohio, During the investigation, agents found that Oloyede operated as a tax preparer and owned five businesses and one nonprofit. His co-defendant and tax client Oluwasanmi, owned an additional three business entities; all were incorporated in Ohio. Both defendants used their businesses to submit loan applications using false information. They obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities.
In addition, Oloyede submitted fraudulent PPP and EIDL applications in the names of some of his clients and their businesses. In exchange, Oloyede would receive 15-20% of their loans as the fee, or kickback, for obtaining the loans for them, without reporting this income to the IRS on his own tax returns. Investigators learned that the defendant used funds obtained from these loans to acquire land and build a home and purchase a luxury vehicle. In total, Oloyede caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.
According to the United States attorney's office Northern district of Ohio, During the investigation, agents found that Oloyede operated as a tax preparer and owned five businesses and one nonprofit. His co-defendant and tax client Oluwasanmi, owned an additional three business entities; all were incorporated in Ohio. Both defendants used their businesses to submit loan applications using false information. They obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities.
In addition, Oloyede submitted fraudulent PPP and EIDL applications in the names of some of his clients and their businesses. In exchange, Oloyede would receive 15-20% of their loans as the fee, or kickback, for obtaining the loans for them, without reporting this income to the IRS on his own tax returns. Investigators learned that the defendant used funds obtained from these loans to acquire land and build a home and purchase a luxury vehicle. In total, Oloyede caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.
He used the money to come and take Oba title here. He must be deposed and ostracised to send a strong message.
ReplyDeleteOba must now submit to Big Bubba. Chai
Aaahhhh Oriade ti sun ita o
ReplyDeleteDem say oriade no dey sleep for outside but this one go spend four years for prison
DeleteEwon ni oriade eleyi sun
DeleteThis particular Ori Ade will not only sleep outside, but in prison.
DeleteWhat a shame!
Once a fraudster, always a fraudster.
E no dey finish for their blood no matter their age.
In Ile nla. It is a pity.
DeleteHis fellow Oba who came clean with his people and only accepted the office with the provision that he leaves the throne every 6 months to work in the USA as an honest bus driver, security decent pay and a cost retirement would just be laughing at these greedy set of politician-backed wosodemis who are looking for money they haven't earned. His customers will dobale, enter his tour bus and tip him worthily after their rides, even taking pictures.
Se bi o ti mo and you will sleep with both eyes closed.
Lmaooo, eleyi sunta live and direct, awon Baba onijekuje.
DeleteAbomination! Abomination that causes....
ReplyDeleteOba olojukokoro.🙄🙄🙄
ReplyDeleteReal ojukokoro o
DeleteOlojukokoro oooo
Deleteole oshi, thats how they come home looking for kingship up and down.
ReplyDeleteOmo.....
ReplyDeleteI'm sure he used past of the fraud Money to bribe afobaje, they should wait for him to return so they can re crown him o. Since kingship is now all about who gets money pass
ReplyDeleteMy dear, they'll quickly crown another paymaster 🙄
DeleteFraudulent man, they should depose him immediately.
ReplyDeleteJay Squared
What a disgrace to the throne.
ReplyDeleteShame to the kingmakers who collected ill gotten money from him to be made Oba, instead of the actual person their ifa chose. Most of the modern day traditional rulers were chosen by illgotten money or political godfathers in power e.g. make I no talk but they are roaming everywhere like MTN
ReplyDeleteMaybe he has used the ill gotten money to buy his kingship.
ReplyDeleteLoans that were meant to help out in Covid-19. Bad behaviour!
It amazes me how they are catching those who did the PPE scams. Drink champagne today drink kook aid tomorrow.
ReplyDeleteThe catching is the work of records.
DeleteWhere the paper trail ends, there the receiver is.
They left homeland, but it did not leave them.
They thought the paper filed for the money would be used to wrap buns and akara at the roadside as done in ile Oji (as your Isoko neighbour what "Oji" means).
Oba wire wire
ReplyDeleteWhat a pity.....
Lol
DeleteStella, your bvs ehn 🤣🤣
DeleteThis is shameful😔
ReplyDeleteTheir system is working that's why
ReplyDeleteWhat a disgrace!
ReplyDeleteThis one loud fa
ReplyDeleteThey are still going to prosecute many more Nigerians who were involved in the covid scam. Some threw loud weddings and other Owambes but the feds are working underground to bring them to justice.
ReplyDelete