OHIO, (WOWO) — Joseph Oloyede, a Medina resident and traditional monarch of Ipetumodu, Nigeria, was sentenced to 56 months in prison for leading a $4.2 million COVID loan fraud scheme.
Federal prosecutors say Oloyede worked with Edward Oluwasanmiof Willoughby to submit dozens of fraudulent loan applications, exploiting pandemic relief programs meant for small businesses.
They used fake business info to obtain funds, which Oloyede used to buy land, build a home, and purchase a luxury vehicle…