2 men accused of stealing $4.2M in fraudulent COVID relief money

CLEVELAND — Two Ohio men created a slew of fake businesses to get $4.2 million in fraudulent government funds meant to help small businesses and employees survive the coro- navirus pandemic, accord- ing to federal prosecutors.

Joseph Oloyede, 61, of Medina, and Edward Oluwasanmi, 61, of Willoughby, were charged Friday in fed- eral court in Cleveland with conspiracy to commit wire fraud, nine counts of wire fraud and three counts of money laundering.

Both pleaded not guilty at their arraignments and were released on $20,000 unsecured bonds.

Oluwasanmi’s attorney, Henry Hilow, said it’s early in the case, and he looks forward to reviewing the evidence. A message was left for David Johnson, Oloyede’s attorney.

Oloyede is the owner of Available Tax Services, Inc., a tax consultant business in Bedford Heights. Oluwasanmi owned Dayspring Transportation, a charter bus service based in South Euclid.

The duo created several other businesses that did little or no real business, lied on applications for the loans and recruited others to fill out fraudulent forms, according to the indictment.

Those who filled out the forms paid Oloyede and Oluwasanmi kickbacks for organizing the fake filings, according to court records.

Oloyede used some of the money to pay a contractor $24,473 for work on his home, according to court records.

Oluwasanmi used $224,880 to buy a commercial property in South Euclid, where he moved his Dayspring business, court records say.

Prosecutors are seeking to seize Oloyede’s home, which he bought in 2021 for $130,000, and Oluwasanmi’s commercial building.