The world plunged into an unprecedented economic crisis as the COVID-19 pandemic swept across the globe in 2020. Businesses, both large and small, faced unforeseen challenges and disruptions, creating a dramatic shift in the global economy. The economic maelstrom and struggles businesses faced were real. Sudden and severe disruption to global supply chains, coupled with government-mandated lockdowns and restrictions on movement led to widespread business closures and mass layoffs. In response to the escalating crisis, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. This $2.2 trillion stimulus package, the largest in American history, was a frantic effort to stabilize the economy and cushion the blows of the pandemic. It was described by one Senate leader as a “wartime level of investment in our nation.” But Olamide Olatayo Bello, Olabode Thomas Ajibola, and Dumbor Josephine Baribe used this crisis to line their pockets with gold. Millions of dollars supplied by the U.S. taxpayer.
Bello orchestrated a scheme to defraud the United States of millions of dollars during the COVID-19 pandemic by fraudulently acquiring government loans intended for small businesses in need, according to information presented in court. He recruited others in the scheme and used the funds for personal gain.
Bello completed and submitted materially false applications to obtain COVID government program benefits for himself and his co-defendants. Bello created false documentation to make it appear that he was seeking funds for legitimate small businesses that were in financial need. In reality, not only did he have nothing to do with those businesses, but they were not in financial need at all. Bello had the loan proceeds deposited to bank accounts that he managed and he used those funds for his own personal gain.
On July 27, 2025, Bello was sentenced to 24 years in prison.
Excellent job by the Department of the Interior in this case.
Today’s Fraud of The Day is based on article “North Texas man gets max sentence for COVID-fraud conspiracy” published by FOX 4 News on July 27, 2025.
A McKinney man was sentenced to more than 24 years in federal prison for a COVID-19 fraud conspiracy. Olamide Olatayo Bello was found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering.
Bello orchestrated a scheme to fraudulently acquire government loans meant for small businesses, using the funds for personal gain and enrichment. Judge Mazzant sentenced Bello to the statutory maximum allowed by federal guidelines. According to information presented in court, Bello devised and orchestrated a conspiracy to defraud the United States of millions of dollars during the COVID-19 pandemic.
