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Apetu of Ipetumodu jailed in U.S. for $4.2m COVID-19 fraud.
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He filed 38 fake loan applications, spending proceeds on luxury assets.
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Ordered to repay $4.4m, forfeit home, and serve 56 months.
The Apetu of Ipetumodu, Oba Joseph Oloyede, has been sentenced in the United States to 56 months (four years, eight months) in prison for his role in a $4.2 million COVID-19 relief fraud scheme.
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EKO HOT BLOG reports that the 62-year-old monarch, who also holds U.S. citizenship and resides in Medina, Ohio, was convicted after pleading guilty to conspiracy to commit wire fraud, money laundering, and filing false tax returns.
He was also ordered to pay more than $4.4 million in restitution, forfeit his home in Ohio, and surrender nearly $100,000 in seized funds.
Court records show that Oloyede conspired with his associate, Edward Oluwasanmi, between April 2020 and February 2022 to exploit U.S. pandemic relief programs, including the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) scheme under the CARES Act.
Together, they filed dozens of fraudulent applications using fabricated information, resulting in more than $4.2 million in disbursed loans and grants.
Investigators revealed that Oloyede, who operated as a tax preparer and business owner, also submitted applications on behalf of some clients in exchange for kickbacks of up to 20 percent of the loan amounts.
He used part of the proceeds to acquire land, build a house, and purchase a luxury vehicle. In total, 38 fraudulent loan applications were traced to him.
His co-conspirator, Oluwasanmi, was earlier sentenced to 27 months in prison and ordered to repay over $1.2 million.
The case was investigated by the FBI, IRS, and the Department of Transportation’s Office of Inspector General and prosecuted by the U.S. Attorney’s Office, Northern District of Ohio.
