United States v. Olusola Ojo

Case summary

Olusola Ojo, also known as Sam Ojo, 42, of Owasso, Oklahoma, was found guilty of bank fraud conspiracy, two counts of bank fraud, and aggravated identity theft.¹

Ojo, along with coconspirators Ibanga Etuk and Teosha Etuk, created 12 fictitious business entities to fraudulently apply for PPP loans, falsifying employee counts, payroll expenditures, taxes paid, business ownership details, and the relationships between the applicants. The three submitted multiple applications for the same businesses to more than ten different banks without disclosing the duplication, conspiring to obtain a total of approximately $5,430,585 and actually obtaining approximately $995,385.¹

Ojo personally applied for a $300,000 loan for Quicksold Market, Inc. from Frontier State Bank between April 20 and 29, 2020. He then applied for a $150,000 loan for the Inspired Group LLC from Stride Bank between May 8 and 11, 2020. Both applications used another person's identity on the payroll records submitted with them.¹

The Federal Reserve Board and Consumer Financial Protection Bureau's Office of Inspector General, the SBA Office of Inspector General, and the FBI investigated the case. Assistant U.S. Attorneys Kristin Harrington, Victor A.S. Régal, and David D. Whipple prosecuted it.¹

His sentencing was set for April 1, 2022. His two coconspirators, Ibanga Etuk and Teosha Etuk, had pleaded guilty and been sentenced.¹

Notes

1. U.S. Attorney's Office for the Northern District of Oklahoma, "Owasso Man Convicted for Applying for Paycheck Protection Program Loans under False Pretenses" (original), November 19, 2021. ↩₁ ↩₂ ↩₃ ↩₄ ↩₅

Summary written from the documents on this page; every sentence is sourced.