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COVID Fraud Conspiracy Lands McKinney Man 24 Years Behind Bars
A shocking case of COVID-19 pandemic fraud has come to an end with a McKinney man being sentenced to 293 months in federal prison. Olamide Olatayo Bello was found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering in the Eastern District of Texas.
Bello’s scheme, which was devised and orchestrated during the height of the pandemic, involved the fraudulent acquisition of government loans designed to provide financial assistance to legitimate small businesses in need. He recruited others to join in on the elaborate scheme, taking advantage of government programs and using the funds for his personal gain and enrichment.
The Coronavirus Aid, Relief, Economic Security (CARES) Act, passed in March 2020, was designed to provide emergency financial assistance to millions of Americans affected by the pandemic. The Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL) were two programs created under the act. Bello and his co-defendants submitted materially false applications for COVID government program benefits, receiving proceeds and ‘kickbacks’ for their fraud scheme.
According to Acting U.S. Attorney Jay R. Combs, people who exploit the system to steal public money are engaged in despicable behavior. Combs stated that the sentence should serve as a clear message that anyone who endeavors to steal from the public coffers within their jurisdiction will be pursued and held fully accountable under the law.
The case was investigated by the FBI, Department of the Interior, and the Small Business Administration. Assistant U.S. Attorney Chalana A. Oliver prosecuted the case.
Bello’s sentence sends a strong message to those who would seek to take advantage of government programs for personal gain. The COVID-19 pandemic has left a lasting impact on our nation, and it’s essential that those who exploit the system for their own benefit are held accountable.
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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