SHERMAN, TEXAS — This is an official press release from the U.S. Department of Justice (Federal Bureau of Investigation (FBI)), published as received.

SHERMAN, Texas – A McKinney man has been sentenced to over 24 years in federal prison in a COVID - fraud conspiracy in the Eastern District of Texas, announced Acting U.S. Attorney Jay R. Combs.

Olamide Olatayo Bello was found guilty at trial to conspiracy to commit wire fraud and conspiracy to commit money laundering and was sentenced to 293 months in federal prison by U.S. District Judge Amos L. Mazzant on July 24, 2025. 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.  Bello fraudulently acquired government loans, which were designed to provide financial assistance to legitimate small businesses in need, and recruited others in an elaborate scheme.  In so doing, Bello took advantage of government programs and used those funds for his personal gain and enrichment.

In March 2020, Congress passed the Coronavirus Aid, Relief, Economic Security (CARES) Act, which was designed to provide emergency financial assistance to millions of Americans who suffered due to the COVID-19 pandemic.  These included the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL).  The EIDL program provided low-interest financing to small businesses, renters, and homeowners in regions affected by declared disasters.  Bello assisted and/or completed and submitted materially false applications for COVID government program benefits for himself and his co-defendants.  The defendant received proceeds and “kickbacks” for the fraud scheme. 

“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.”

This case was investigated by FBI, Department of the Interior, and the Small Business Administration.  This case was prosecuted by Assistant U.S. Attorney Chalana A. Oliver.

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