[Baltimore Sun] Baltimore County man who admitted to $1.8 million bank fraud scheme sentenced to 4 years in prison
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A Baltimore County man was sentenced this week in federal court to four years in prison as part of a plea deal in which he admitted to participating in a $1.8 million bank fraud scheme.
The man, Damilola Ojo, 31, of Windsor Mill, also admitted to involvement in fraudulent activity surrounding a $475,000 CARES Act loan, the pandemic-era relief program from the federal government.
Ojo along with his co-conspirators created IRS business accounts using stolen personal information and fraudulent state business certificates, then opened bank accounts to deposit “stolen and/or altered checks” or for “fraudulently obtained wire transfers,” the U.S. Attorney’s Office for Maryland said in a news release.
Federal prosecutors said the money from the fraudulent activity was then withdrawn or transferred to other bank accounts connected to the co-conspirators. Ojo would receive portions of the proceeds as they were sent elsewhere.
“From the point Damilola Ojo joined the conspiracy, it had an intended loss of at least $1.8 million,” the U.S. Attorney’s release said.
The $475,000 CARES Act loan was obtained by a co-conspirator, who created a bank account in Maryland and deposited a check intended for the Idaho Women’s Charitable Foundation. Instead, it was sent through checks to people including Ojo and a business registered to Ojo, the prosecutors said.
That co-conspirator previously pled guilty to conspiracy to commit bank fraud and was sentenced to 37 months in federal prison. Another is awaiting for sentencing, and another was sentenced to 8 months of home confinement.
Ojo’s sentence from U.S. District Judge Julie R. Rubin also includes two years of supervised release. It was announced by U.S. Attorney for Maryland Erek Barron and Andrew McKay, the special agent in charge for the Treasury Inspector General for Tax Administration.
Rubin also ordered Ojo to forfeit $20,000 and to pay restitution of $546,000.
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