SHERMAN, Texas – A McKinney man has been locked up for over 24 years in federal prison for a COVID-19 fraud conspiracy that bilked millions from the U.S. government, according to Acting U.S. Attorney Jay R. Combs.
Olamide Olatayo Bello was convicted of conspiracy to commit wire fraud and conspiracy to commit money laundering. On July 24, 2025, U.S. District Judge Amos L. Mazzant sentenced him to the maximum term allowed by federal guidelines—293 months in federal prison.
Bello masterminded an elaborate scheme to defraud millions from government loans intended for small businesses during the pandemic. He not only stole funds but also used others to aid his fraudulent pursuits, exploiting government programs designed to aid struggling Americans.
Passed in March 2020, the CARES Act included programs like the Paycheck Protection Program and Economic Injury Disaster Loan Program. Bello falsified applications for these benefits, reaping proceeds and kickbacks, a move that defiled the purpose of these vital relief initiatives.
‘People who exploit our system to steal public money from the citizens are engaging in despicable behavior,’ Combs said. ‘This sentence sends a clear message: those who steal from the public coffers will be pursued and held accountable.’
The FBI, Department of the Interior, and the Small Business Administration conducted the investigation, while Assistant U.S. Attorney Chalana A. Oliver led the prosecution.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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