A McKinney man has been sentenced to more than 24 years in federal prison for his involvement in a COVID-19 fraud conspiracy, according to Acting U.S. Attorney Jay R. Combs. Olamide Olatayo Bello was found guilty of conspiracy to commit wire fraud and money laundering. He received a sentence of 293 months from U.S. District Judge Amos L. Mazzant on July 24, 2025.
Court documents revealed that Bello orchestrated a scheme to defraud the United States government out of millions during the pandemic by acquiring loans intended for small businesses in need. He recruited others into the scheme and used the funds for personal gain.
The fraudulent activities involved exploiting programs established under the Coronavirus Aid, Relief, Economic Security (CARES) Act passed by Congress in March 2020. This act aimed to provide financial assistance through programs like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL). Bello submitted false applications for these benefits, receiving proceeds and "kickbacks" from the 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.”
The investigation was conducted by FBI, Department of the Interior, and Small Business Administration with prosecution led by Assistant U.S. Attorney Chalana A. Oliver.
