Nigerian Monarch sentenced to prison in America over $4.2million fraud
Nigerian Monarch sentenced to prison in America over $4.2million fraud
A U.S. court has sentenced Joseph Oloyede, the Apetu of Ipetumodu in Osun State, to 56 months in prison for participating in a multimillion-dollar COVID-19 relief fraud scheme.
Judge Christopher Boyko delivered the ruling on Tuesday after the monarch admitted guilt in the $4.2 million fraud case. Alongside his prison term, Oloyede will serve three years of supervised release and repay more than $4.4 million in restitution.
The U.S. Attorney’s Office for the Northern District of Ohio revealed that Oloyede will also lose his Medina residence and $96,006 previously seized during the investigation.
Oloyede was arrested in April 2024 alongside Edward Oluwasanmi, a Nigerian pastor, in connection with the fraud. The pair faced 13 counts, including conspiracy to commit wire fraud, conspiracy to defraud, money laundering, and engaging in monetary transactions with criminally derived property.
From April 2020 to February 2022, Oloyede and Oluwasanmi submitted fraudulent applications for Paycheck Protection Programme (PPP) and Economic Injury Disaster Loans (EIDLs) for companies they controlled. The applications allegedly contained false information and were supported by falsified tax and wage documents.
Investigators discovered that Oloyede operated as a tax preparer and owned five businesses and one nonprofit, while his co-defendant, Oluwasanmi, owned three additional businesses. The US government stated that the duo used these entities to obtain approximately $1.2 million for Oluwasanmi’s businesses and $1.7 million for Oloyede’s businesses.
Both men entered plea bargain agreements, pleading guilty to some of the offenses. The pastor, Edward Oluwasanmi, was sentenced to 27 months in prison in July for his involvement.
