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Owasso Man Sentenced to 4 Years in Prison for PPP Loan Fraud
An Owasso man who fraudulently applied for Paycheck Protection Program loans guaranteed by the Small Business Administration under the Coronavirus Aid, Relief, and Economic Security (CARES) Act was sentenced Monday in federal court.
U.S. District Judge Claire V. Eagan sentenced Olusola Ojo, 43, to 48 months in federal prison followed by five years of supervised release. Eagan also ordered Ojo to pay $150,000 in restitution to Stride Bank.
The U.S. Attorney’s Office continues to pursue justice in cases where fraudsters bilk American taxpayers of funds meant to support vulnerable small business owners and their employees, said U.S. Attorney Clint Johnson. Olusola Ojo’s four-year prison sentence should send a message that white collar criminals will be held accountable for their illicit behavior.
On Nov. 18, 2021, a federal jury found Olusola Ojo, also known as Sam Ojo, 42, guilty of bank fraud conspiracy, two counts of bank fraud, and aggravated identity theft.
Ojo, along with two co-conspirators, created 12 fictitious business entities that would fraudulently apply for Paycheck Protection Program loans under false pretenses such as the number of employees, payroll expenditures, taxes paid during previous months, details of business ownership, and a false representation of their relationship with one another. During this time, Ibanga Etuk, Teosha Etuk, and Ojo submitted multiple applications for the same businesses to more than ten different banks, without disclosing to those banks that they were submitting duplicative applications. They conspired to obtain loans in the total approximate amount of $5,430,585 and actually obtained funding from banks in the total approximate amount of $995,385.
Ojo knowingly applied for a Paycheck Protection Program loan from Frontier State Bank under false pretenses from April 20, 2020, to April 29, 2020, and from Stride Bank submitted under false pretenses for the Inspired Group LLC from May 8, 2020, to May 11, 2020.
Ojo’s two codefendants, Ibanga Etuk and Teosha Etuk, previously pleaded guilty and were sentenced. Ibanga Etuk was sentenced to a total of four years in federal prison and ordered to pay $168,000 in restitution to Chickasaw Community Bank. Teosha Etuk was sentenced to one year and a day in federal prison followed by five years of supervised release and ordered to pay restitution in the amount of $150,000 to First Liberty Bank.
The investigation was conducted by the Board of Governors of the Federal Reserve System and Bureau of Consumer Financial Protection Office of Inspector General; Small Business Administration Office of Inspector General; and FBI. Assistant U.S. Attorneys Kristin Harrington, Victor A.S. Régal, and David D. Whipple prosecuted the case.
Defendant: Olusola Ojo
Criminal Charges: bank fraud conspiracy, two counts of bank fraud, aggravated identity theft
City and State: Owasso, Oklahoma
Exact Date: November 18, 2021
Sentence: 48 months in federal prison followed by five years of supervised release
Dollar Amounts: $150,000 in restitution to Stride Bank, $168,000 in restitution to Chickasaw Community Bank, $150,000 to First Liberty Bank
Tags: bank fraud, conspiracy, ppp loan
Key Facts
- State: Oklahoma
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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