Advertisement

Local woman sentenced to 46 months in prison in fraud case

August 27, 2010

BALTIMORE -- A Hagerstown woman convicted in May of bankruptcy fraud and other charges was sentenced Friday in U.S. District Court to 46 months in prison and ordered to pay $425,000 in restitution.

Olusola Idowu, 57, was sentenced by District Judge Marvin J. Garbis on charges of wire and bankruptcy fraud, making false statements in a bankruptcy proceeding, filing a false tax return and failing to file a corporate tax return, according to a statement from the office of the United States Attorney for the District of Maryland.

Idowu had been convicted in May following a five-day jury trial.

Idowu was the owner and president of SSS Nutrition & Dietetic Care Services, which specialized in a weight management program. Between November 2003 and December 2008, Idowu made false representations to financial companies to obtain mortgage loans and lied to and concealed information from the U.S. Bankruptcy Court regarding her 2003 Chapter 13 bankruptcy petition, the statement said.

Advertisement

In May 2004, the bankruptcy court granted Idowu's request to have the bankruptcy petition dismissed. The following month, she received a $400,000 loan for a house on Sani Lane in Hagerstown, falsely claiming her son was a nutritionist for her company, that he made $10,000 a month and that he had $100,000 in a bank account, the statement said.

On June 29, 2004, she obtained an order vacating the May 18, 2004, order that had dismissed the bankruptcy petition, the statement said. In September 2004, she falsely testified in U.S. Bankruptcy Court that she had filed business taxes for the years 2000 through 2003 when she had not, the statement said.

Idowu continued, however, to get sizable loans during 2004 and 2005, including one for $512,550, to refinance her home, claiming that her son was an employee earning $11,120 a month with $138,000 in the bank, the statement said.

In 2006, Idowu filed a 2005 individual income tax return claiming her son as a dependent and reporting a total income of $19,000, while evidence showed her income was substantially higher, the statement said.

The Herald-Mail Articles
|
|
|