Olusola Ojo, a Nigerian in Owasso, Oklahoma, United States, has been convicted for fraudulently applying for COVID-19 Paycheck Protection Program (PPP) loans.

The funds were provided by the Small Business Administration under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Acting U.S. Attorney Clint Johnson announced that a jury found Ojo guilty on all charges related to the PPP fraud.

“Criminals should understand that diverting taxpayer money meant to help struggling small businesses survive during the pandemic will be fully investigated and prosecuted”, Johnson stated.

The attorney commended Federal Reserve, Small Business Administration, and FBI agents for their work in the case.

Also known as Sam Ojo, the convict was found guilty of bank fraud conspiracy, two counts of bank fraud, and aggravated identity theft.

The 42-year-old and two partners created 12 fictitious business entities as conduits for the PPP loans.

The claimed bogus number of employees, payroll expenditures, taxes paid during previous months, details of business ownership, and a false representation of their relationship.

Ojo, Ibanga Etuk and Teosha Etuk submitted multiple applications for the same businesses to about a dozen banks.

They conspired to obtain $5,430,585 loans and obtained funding from banks totalling amount of $995,385.

Ojo applied for a PPP loan from Frontier State Bank under false pretenses from April 20, 2020, to April 29, 2020.

The convict also listed…

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