According to federal officials, three individuals from Texas have been convicted in connection with a COVID-19 fraud scheme.
Following a four-day trial, three individuals have been found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering. The individuals are Olamide Olatayo Bello, aged 47, from McKinney; Olabode Thomas Ajibola, aged 54, from Humble; and Dumbor Josephine Baribe, aged 52, from Wylie.
Before the trial, eight other individuals who were part of the scheme admitted their guilt.
According to court documents, Bello, Ajibola, and Baribe collaborated to carry out a fraudulent scheme aimed at deceiving the Small Business Administration (SBA) and acquiring millions of dollars unlawfully. Federal authorities have revealed that they submitted false applications for EIDL and PPP loans, effectively embezzling substantial amounts of money that were originally designated to support small businesses affected by the COVID-19 pandemic.
Bello, Ajibola, and Baribe could potentially be sentenced to a maximum of 20 years in federal prison.