Skip to main content

Nigerian Man Sentenced to 20 Years in US for Orchestrating Massive Bank Fraud Scheme

A 40-year-old Nigerian man has been sentenced to two decades in a U.S. federal prison for masterminding a sophisticated, nationwide bank fraud and money laundering conspiracy that stole millions from American credit union customers.

A federal court in Albany, New York, has sentenced Oluwaseun Adekoya, a 40-year-old Nigerian national, to 20 years in prison for leading a large-scale fraud ring that targeted home equity lines of credit (HELOCs) across the United States.

Adekoya, a lawful permanent resident who lived in Cliffside Park, New Jersey, was convicted earlier this year on charges of bank fraud conspiracy, money laundering conspiracy, and aggravated identity theft following a three-week trial.

According to evidence presented by the U.S. Department of Justice, Adekoya operated the scheme from his luxury apartment, using encrypted messaging apps like Telegram to organize a network of conspirators. He identified potential victims with substantial HELOC balances, acquired their personal information, and provided fake driver's licenses to lower-level "workers" who impersonated the account holders to make fraudulent withdrawals at credit unions nationwide.

"Oluwaseun Adekoya abused the privilege of lawful permanent resident status to steal the identities of innocent Americans so he could live lavishly in our country, without an ounce of remorse," stated Acting U.S. Attorney John A. Sarcone III.

U.S. District Judge Mae A. D’Agostino, who pronounced the sentence, described Adekoya as a "perpetual thief" and a "flagrant serial offender" whose criminal career began in 2008.

The investigation, initiated in May 2022 after referrals from credit unions in New York's Capital Region, led to the prosecution of 13 additional co-conspirators, all of whom have pleaded guilty. Authorities seized numerous assets from Adekoya, including Rolex watches, a $51,000 Tiffany engagement ring, designer items, and approximately $26,000 in cash.

In addition to the prison term, Adekoya was ordered to serve five years of supervised release, pay over $2.2 million in restitution, and faces removal from the United States upon completing his sentence. The FBI noted that the sentence ensures Adekoya will spend the next two decades in prison for nearly two decades of criminal activity.
Labels:

Comments

Post a Comment

Popular posts from this blog

PERSONALITY: Profile of a Performer

  His smile is calm, his overall demeanor unassuming. But make no mistake; Akinwunmi Ambode is no push over. He is a man of high intellectual character. Starting his career at a very young age, Ambode rose to the very pinnacle of the Civil Service, by dint of hard work, focus and altruism. Above all, he always has his head clear, his goals and perspectives well conceived from the start. He doesn’t mince words. He neither gives vain flattery nor expects to receive it, as those who have come to know him will attest to. Read more, after the cut...
1 comment
Read more

Sheikh Gumi Alleges Foreign Powers are Financing Terrorists in Nigeria

Prominent Islamic cleric Sheikh Ahmad Gumi has accused unnamed foreign nations of supporting terrorist groups in Nigeria, citing a sudden reversal of security gains in recent months as evidence of external interference. In a significant and provocative claim, Nigerian Islamic scholar Sheikh Ahmad Gumi has alleged that international actors are providing backing to terrorists operating within the country. During an interview with the BBC Hausa Service, Sheikh Gumi pointed to deteriorating security in areas that had shown marked improvement. He specifically highlighted the Abuja-Kaduna highway, which had become safer for travelers, and the farmlands around Birnin Gwari in Kaduna State, where farmers had cautiously returned to their fields after years of abandonment. "The situation on the ground contradicts earlier signs of improvement," Gumi stated, arguing that the recent surge in attacks suggests renewed support for armed groups. "This sudden rever...
Post a Comment
Read more

DSS Arrests Medical Doctor Accused of Supplying Drugs to Kwara Kidnapping Syndicate

Intelligence-led operation in Jebba uncovers healthcare professional allegedly aiding criminal networks. In a significant breakthrough, Nigeria’s Department of State Services (DSS) has apprehended a licensed medical doctor for his alleged role in supporting kidnapping gangs terrorizing parts of Kwara State. The arrest followed a targeted interception in the Jebba area, based on precise intelligence regarding the movement of supplies to criminal elements. According to security officials, the doctor was caught transporting medical provisions from Sokoto State intended for kidnappers operating within Kwara. This development suggests that recent security operations have been effective, leaving some gang members wounded and in urgent need of care. “These criminal networks are becoming increasingly desperate for medical assistance following sustained engagements with security forces,” a DSS official stated. The situation has prompted a security advisory for health fac...
Post a Comment
Read more