A Medina, Ohio resident and dual citizen of the United States and Nigeria has been sentenced to 56 months in prison after pleading guilty to charges related to wire fraud and tax offenses. Joseph Oloyede, 62, appeared before U.S. District Judge Christopher A. Boyko on August 26, where he admitted his role in a scheme that defrauded federal loan and grant programs designed to help small businesses impacted by the COVID-19 pandemic.
Oloyede pleaded guilty in April to one count of conspiracy to commit wire fraud, three counts of engaging in monetary transactions in criminally derived property, and two counts of making and subscribing a false tax return. In addition to the prison sentence, he was ordered to serve three years of supervised release, pay restitution totaling $4,408,543.38, forfeit his home on Foote Road in Medina purchased with illicit proceeds, and surrender an additional $96,006.89 seized by investigators.
According to court documents, Oloyede worked with co-conspirator Edward Oluwasanmi of Willoughby from April 2020 through February 2022 to submit fraudulent applications for loans under the U.S. Small Business Association’s CARES Act programs. These included both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program intended for small businesses facing financial hardship due to the pandemic.
Authorities determined that Oloyede operated as a tax preparer while owning multiple businesses and a nonprofit organization; Oluwasanmi owned three other business entities—all registered in Ohio. The two used these companies to apply for SBA funds using false information: approximately $1.2 million went to Oluwasanmi’s entities and about $1.7 million went to those controlled by Oloyede.
Oloyede also submitted fraudulent loan applications on behalf of some clients’ businesses, receiving between 15% and 20% of their loans as kickbacks—income he did not report on his own tax returns. Investigators found that he used these funds for personal purchases including land acquisition, construction of a home, and buying a luxury vehicle. In total, Oloyede was responsible for causing approval of 38 fraudulent SBA applications totaling over $4.2 million.
During sentencing proceedings it was noted that Oloyede is a naturalized American citizen who also serves as the monarch or traditional ruler of Ipetumodu in Nigeria.
Oluwasanmi was previously sentenced in July 2024 to 27 months in prison for his involvement in the conspiracy. He was also ordered to serve three years’ supervised release, pay a $15,000 fine along with restitution exceeding $1.2 million; authorities recovered significant assets including commercial property purchased with fraud proceeds and more than $600,000 held in financial accounts.
The investigation was conducted 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.
“This case demonstrates our office’s commitment to pursuing those who exploited government relief programs during the pandemic,” said Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio.
