Sherman, Texas – Three Texans have been convicted of federal violations related to a COVID fraud scheme in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs.
Olamide Olatayo Bello, 47, of McKinney; Olabode Thomas Ajibola, 54, of Humble; and Dumbor Josephine Baribe, 52, of Wylie, were found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering following a four-day trial before U.S. District Judge Amos Mazzant on January 16, 2025.
According to information presented in court, Bello, Ajibola, and Baribe conspired to defraud financial institutions and the U.S. Small Business Administration (SBA) out of millions of dollars.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a federal law enacted in March 2020 and designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (PPP). The Economic Injury Disaster Loan (EIDL) Program was an SBA program that provided low-interest financing to small businesses, renters, and homeowners in regions affected by declared disasters. Bello, Ajibola, and Baribe, along with eight other individuals who pleaded guilty before trial, conspired to submit fraudulent applications for EIDL and PPP loans. As a result, the defendants collectively stole millions of dollars of funds intended to help small businesses during the COVID-19 pandemic.
The defendants each face up to 20 years in federal prison at sentencing. The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.
This case was investigated by the Department of Interior – Office of Inspector General, Small Business Administration – Office of Inspector General, and FBI. This case was prosecuted by Assistant U.S. Attorneys Sean J. Taylor and Chalana A. Oliver.
