A Nigerian man has been found guilty of running a massive bank fraud and money laundering scheme across the US.
The Scheme
39-year-old Oluwaseun Adekoya, living in New Jersey, was convicted of orchestrating a complex operation that netted over $2 million. He targeted people with home equity lines of credit (HELOCs), using their public information to identify those with substantial funds. Then, using encrypted messaging apps, he got his hands on victims’ private information.
Adekoya built a nationwide network of accomplices, providing them with fake IDs so they could withdraw money from victims’ accounts. To stay under the radar, he used burner phones and encrypted chats, and laundered the money through accounts in other people’s names.
The Arrest and Aftermath
Authorities investigated Adekoya starting in May 2022. He and 13 others were indicted in December 2023, and all have since pleaded guilty. When arrested, authorities seized luxury items like Rolex watches, a pricey Tiffany ring, designer bags, shoes, and $26,000 in cash.
The Sentence
Adekoya’s sentencing is set for October 30th. He faces a minimum of two years and a maximum of 32 years in prison. This isn’t his first brush with the law; he has a long history of fraud-related convictions dating back to 2008.