Three men were found guilty of fraud after conspiring to submit false federal loan applications to financial institutions, including the U.S. Small Business Administration, stealing millions of dollars, the Department of Justice says.
According to the U.S. Attorney for the Eastern District of Texas, Olamide Olatayo Bello, 47, of McKinney, Olabode Thomas Ajibola, 54, of Humble, and Dumbor Josephine Baribe, 52, of Wylie, were convicted of conspiracy to commit wire fraud and conspiracy to commit money laundering following a four-day trial on Jan. 16.
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WATCH HEREEight other individuals involved in the scheme pleaded guilty before the trial.
According to information presented in court, Bello, Ajibola and Baribe planned to submit false applications for the Economic Injury Disaster Loan (EIDL) and the Payback Protection Program (PPP).
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SIGN UP These forgivable loans were authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted in March 2020 to provide financial assistance to small businesses for job retention and financing.
Following a presentence investigation by the U.S. Probation Office, the defendants could face up to 20 years in federal prison at their sentence hearing.
This case was investigated by the Department of Interior, the Office of Inspector General, the Small Business Administration and the FBI, and prosecuted by Assistant U.S. Attorneys Seas J. Taylor and Chalana A. Oliver.
