OWASSO, OK – Olusola Ojo, 42, of Owasso, Oklahoma, learned his days of fleecing federal pandemic relief are over. A federal jury found Ojo guilty Thursday of a complex scheme to defraud the Paycheck Protection Program (PPP), designed to keep small businesses afloat during the COVID-19 crisis. He now awaits sentencing, facing a substantial prison term for his greed.
Acting U.S. Attorney Clint Johnson didn’t mince words: “A jury has found Olusola Ojo guilty on all charges related to a Paycheck Protection Program bank fraud conspiracy. He was taken into custody to await sentencing.” Johnson vowed that those who divert taxpayer money “meant to help struggling small businesses survive during the pandemic will be fully investigated and prosecuted.” The case was a collaborative effort between the Federal Reserve, Small Business Administration, and FBI.
The evidence presented at trial revealed a calculated conspiracy. Ojo, along with two accomplices – Ibanga Etuk and Teosha Etuk – fabricated 12 shell companies. These fictitious businesses were used to submit fraudulent PPP loan applications, riddled with lies about employee numbers, payroll figures, tax payments, and ownership details. The trio didn’t stop at one bank; they flooded over ten financial institutions with duplicate applications, concealing their coordinated effort. Their goal? A staggering $5,430,585. They managed to siphon off $995,385 before the scheme unraveled.
Specifically, Ojo knowingly submitted false applications to Frontier State Bank and Stride Bank between April and May of 2020. For Quicksold Market, Inc., he lied about nearly every aspect of the business in a $300,000 loan request. He then attempted to secure another $150,000 for Inspired Group LLC through similarly fraudulent means. Adding insult to injury, Ojo brazenly used another individual’s identity on payroll records submitted to the banks, committing aggravated identity theft in the process. He was convicted of bank fraud conspiracy, two counts of bank fraud, and aggravated identity theft.
Federal investigators are sending a clear message. Cory Nootnagel, Acting Special Agent in Charge of the Federal Reserve’s Office of Inspector General, stated the conviction “sends a clear message that those who defraud the federal government of pandemic relief funds will be held accountable.” The FBI’s Acting Special Agent in Charge, Alvin M. Winston, echoed that sentiment, emphasizing that stealing from relief programs during a national crisis will not be tolerated. Ojo’s sentencing is scheduled for April 1, 2022.
Ojo isn’t the only one facing consequences. His codefendants have already pleaded guilty and received their sentences. Ibanga Etuk, 41, is serving a four-year federal prison sentence and ordered to pay $168,000 in restitution to Chickasaw Community Bank. Teosha Etuk, 33, received one year and a day in prison, plus five years of supervised release, and must repay $150,000 to First Liberty Bank. The Grimy Times will continue to follow this case and report on the sentencing of Olusola Ojo.
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Key Facts
- State: Oklahoma
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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