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  • U.S. Court Orders Asset Forfeiture In $4.2M COVID-19 Relief Fraud Case Involving Nigerian
  • Joseph Oloyede, a Nigerian monarch holding dual U.S. citizenship, has been mandated to relinquish millions in monetary funds and real estate following his conviction in a $4.2 million COVID-19 relief fraud case. This legal outcome follows Oloyede’s admission of guilt.

    Oloyede, who holds the title of Apetu of Ipetumodu in Osun State, Nigeria, entered a guilty plea on April 24 to 13 counts of fraud. While awaiting his sentence, the U.S. government initiated a legal process to seize assets connected to the fraudulent activities. This motion was subsequently approved on May 5 by Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio.

    Among the assets ordered to be forfeited is a property situated in Medina County, Ohio. This real estate was acquired in May 2021 under the name of his wife, Sherri Oloyede. As part of a plea agreement designed to lessen his eventual sentence, both Joseph and Sherri Oloyede consented not to challenge the forfeiture. Furthermore, Joseph Oloyede relinquished his right to appeal this judicial decision.

    Additionally, the court mandated the forfeiture of $96,006.89 held in a JP Morgan Chase account belonging to Joseph Oloyede and Associates Ltd. This financial asset was also included within the scope of the plea agreement.

    Oloyede’s arrest occurred on May 4, 2024, after investigators discovered his participation in a scheme involving six companies used to fraudulently acquire COVID-19 relief loans. Notably, in June 2020 alone, he successfully obtained over $100,000 for four of these entities by providing falsified information. By October 2021, further fraudulent loans amounting to $1 million had been secured through JO&A and Available Transportation.

    His sentencing hearing is scheduled to take place later this year. The outcome of this hearing will determine the final punishment for Oloyede’s involvement in the fraud case.

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