Rather than helping legitimate businesses, Bello manipulated these programs by submitting false applications, authorities said.
COLLIN COUNTY, Texas — A McKinney man will spend more than two decades behind bars after being convicted in a major COVID-19 relief fraud case.
Olamide Olatayo Bello was convicted of conspiracy to commit wire fraud and conspiracy to commit money laundering. On July 24, a judge sentenced Bello to 293 months, or just over 24 years, the statutory maximum allowed by federal guidelines.
According to court documents, Bello was the mastermind behind a scheme to defraud the U.S. government out of millions of dollars during the pandemic. He submitted false applications for federal COVID relief funds, intended to help small businesses stay afloat, and brought others into the scheme as well. In return, prosecutors said Bello profited through direct proceeds and kickbacks from the fraudulent activity.
The fraud targeted programs created under the CARES Act, a massive relief package passed by Congress in March 2020. That included the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, both aimed at helping Americans weather the financial hit of the pandemic.
But instead of helping businesses in need, prosecutors say Bello took advantage of the system for his own personal gain.
“People who exploit our system to steal public money from the citizens of this country are engaged in despicable behavior,” said Acting U.S. Attorney Jay R. Combs. “Let this sentence serve as a clear message: anyone who endeavors to steal from the public coffers within our jurisdiction will be pursued and held fully accountable under the law.”