In the following press release Sheldon J. Sperling, United States Attorney for the Eastern District of Oklahoma, announced today that AYO DINEJI OLANIYAN, age 33, of Tulsa, Oklahoma and GAILE DIANA CATES, age 38, of Coweta, Oklahoma, pled guilty to Conspiracy to Commit Wire Fraud, in violation of Title 18, United States Code, Section 1349 and Criminal Forfeiture pursuant to Title 18, United States Code, Section 982.

Charges arose from an investigation by the Federal Bureau of Investigation.  The Indictment, filed in August 2009, alleged that GERALD SNOW and his son, JERRY SNOW, built and sold houses in Wagoner County.  OLANIYAN and CATES conspired with GERALD SNOW and JERRY SNOW to defraud mortgage lenders to loan money on homes sold by the SNOWs.

The defendants solicited and induced home buyers by promising to pay down payments, closing costs and provide cash back to the buyers after closing.  In order to get the mortgage lenders to loan funds, the defendants conspired to submit false loan applications, falsely reported the existence and source of down payments and closing costs, and inflated the purchase prices of the homes.

The Honorable Kimberly E. West, Magistrate Judge in the United States District Court for the Eastern District of Oklahoma, in Muskogee, accepted the defendants’ guilty pleas and ordered the completion of a presentence report.  Sentencing will be scheduled following completion of the presentence report.  The defendants remain on bond pending sentencing.

The statutory range of punishment is not more than 20 years imprisonment and/or up to $250,000.00 in fines.  A preliminary calculation of the sentencing guidelines, predicts a term of 33-41 months imprisonment.

Assistant United States Attorney Chris Wilson represented the United States.