Their scheme secured about $1.2m for Oluwasanmi’s businesses and $1.7m for Oloyede’s entities.

In addition, Oloyede filed fraudulent PPP and EIDL applications in the names of some of his tax clients, collecting kickbacks of between 15 and 20 per cent of the loans obtained. These payments were never declared to the Internal Revenue Service.

Prosecutors told the court that Oloyede used proceeds from the scheme to acquire land, build a home, and purchase a luxury vehicle.

In total, he was linked to 38 fraudulent loan applications, amounting to $4,213,378 disbursed by the SBA.

Oluwasanmi, his co-conspirator, was sentenced in July 2024 to 27 months in prison for his role in the fraud.

He was also ordered to serve three years of supervised release, pay a $15,000 fine, and return more than $1.2m in restitution.

He forfeited most of the proceeds he received, including a commercial property in South Euclid and over $600,000 traced to his financial accounts.

The case was investigated by the U.S. Department of Transportation–Office of the Inspector General, the FBI, Cleveland Division, and IRS–Criminal Investigations, under the Pandemic Response Accountability Committee Fraud Task Force.

It was prosecuted by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio.