Oloyede,
62, who holds both U.S. and Nigerian citizenship and resides in Medina,
Ohio, was sentenced to 56 months (4 and ⅔ years) in prison.
A US court has sentenced the Apetu of Ipetumodu in Osun State, Oba
Joseph Oloyede to more than four years imprisonment in Cleveland, Ohio,
in the United States.
The court handed him the sentence for creating and leading a scheme
that defrauded more than $4.2 million from federal loan and grant
programs that were intended to assist small businesses with economic
hardship they suffered as a result of the COVID-19 pandemic.
Oloyede, 62, who holds both U.S. and Nigerian citizenship and
resides in Medina, Ohio, was sentenced to 56 months (4 and ⅔ years) in
prison by U.S. District Judge Christopher A. Boyko on August 26, 2025
after he pleaded guilty in April 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.
The U.S. Attorney's Office for the Northern District of Ohio in a
statement on Tuesday said 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.
Court documents show that from about April 2020 to February 2022,
Oloyede and his co-conspirator, Edward Oluwasanmi, 62, of Willoughby,
conspired to submit fraudulent applications for loans that were made
available through the U.S. Small Business Association (SBA) under the
Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Among these were the Paycheck Protection Program (PPP) and the
Economic Injury Disaster Loan (EIDL) program, which aided small
businesses that suffered financial hardship as a result of the pandemic
with loans and grants.
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 information presented to Judge Boyko, Oloyede is a
naturalized U.S. citizen who also holds a position as the monarch, or
traditional ruler, of the Nigerian city of Ipetumodu.
In July 2024, Oluwasanmi was sentenced to 27 months in prison for
his role in the conspiracy. He was also ordered to serve three years of
supervised release, pay a $15,000 fine, and pay more than $1.2 million
in restitution.
Oluwasanmi also forfeited much of the proceeds he received from the
scheme, including a commercial property on Green Road in South Euclid
that he acquired with fraud proceeds, and more than $600,000 he had
transferred to financial accounts.
The case was investigated by the U.S. Department of
Transportation-Office of the Inspector General, as part of the Pandemic
Response Accountability Committee Fraud Task Force; FBI Cleveland
Division; and IRS-Criminal Investigations.
It was prosecuted by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio.
OR
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