OHIO — A Nigerian monarch has learned his punishment for leading a scheme that defrauded over $4.2 million from federal pandemic relief programs, according to a spokesperson with the U.S. Attorney’s Office, Northern District of Ohio.
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Joseph Oloyede, 62, a dual American and Nigerian citizen, was sentenced to 56 months in prison after pleading guilty to the following charges:
- 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
Oloyede is a naturalized U.S. citizen who lives in Medina, Ohio, but also “holds a position as the monarch, or traditional ruler, of the Nigerian city of Ipetumodu,” the spokesperson said.
The fraudulent activities targeted the SBA’s Paycheck Protection Program and Economic Injury Disaster Loan program, intended to aid small businesses during the COVID-19 pandemic.
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Court documents revealed that from April 2020 to February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, submitted dozens of fraudulent loan applications using false information.
Oloyede used his businesses and those of his clients to secure these loans, taking a percentage as a fee.
“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," the spokesperson said.
In total, the spokesperson said Oloyede caused the SBA to approve 38 fraudulent applications.
Investigators found that Oloyede used the money obtained from the loans to buy land, build a home and buy a luxury vehicle, the spokesperson said.
Oloyede was ordered to pay over $4.4 million in restitution and forfeited his home and additional fraud proceeds.
His co-conspirator, Oluwasanmi, was sentenced to 27 months in prison and also ordered to pay restitution and forfeit assets acquired through the scheme, the spokesperson said.
The U.S. Department of Transportation-Office of the Inspector General, FBI Cleveland Division, and IRS-Criminal Investigations conducted the investigation.
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