Breaking: US Court Finally Imprisons Nigerian Monarch
The Apetu of Ipetumodu in Osun state, Oba Joseph Oloyede, a dual Nigerian and American citizen, has been sentenced to four years imprisonment in the United States.
Oba Oloyede reportedly created and led a scheme that wired over $4.2 million from the federal loan and grant programmes, which were meant to support small businesses confronting economic challenges they suffered because of the COVID-19 pandemic.
The office of the US Attorney, Northern District of Ohio, explained that the 62-year-old traditional ruler holds both Nigerian and US citizenship. He was said to be residing in Medina, Ohio.
He was sentenced to 56 months (four and a half years) in prison by the U.S. District Judge Christopher A. Boyko on Tuesday, August 26. He pleaded guilty to the allegations after he was first charged in April.
The three counts of charges against the traditional rulers:
- 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
The traditional ruler was also sentenced to three years of supervised release after imprisonment and would pay a restitution of $4,408,543.38. Oba Oloyede will also forfeit his Medina home on Foote Road, which was said to have been acquired with the scheme proceeds, as well as $96,006.89, another fraud proceeds that were seized by the investigator.
According to the court document, from around April 2020 to February 2022, Oba Oloyede and his 62-year-old accomplice, Edward Oluwasanmi, of Willoughby, conspired and submitted fraudulent applications to get loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
These also included the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, which were meant for small businesses that were affected by the financial hardship with loans and grants as a result of the pandemic.
Joseph Oloyede was detained by the FBI and charged with conspiracy, wire fraud, and money laundering for his role in a fraudulent COVID-19 relief scheme.
Source: Legit.ng
