‘Mastermind of a Complex Web of Deception’ – Ringleader Ran Nationwide Bank Fraud and Money Laundering Operation That Stole $2,000,000: DOJ

The Federal Bureau of Investigation (FBI) says an “elusive” Nigerian man has been convicted of running a nationwide banking and money laundering scheme that hauled in more than $2 million.

According to a new press release by the Department of Justice (DOJ), 39-year-old Oluwaseun Adekoya, who resides in New Jersey, has been convicted of bank fraud conspiracy, money laundering conspiracy and nine counts of aggravated identity theft for masterminding the plot.

Authorities say that Adekoya obtained public information regarding people’s home equity lines of credit (HELOC), identified those who had substantial amounts and then used encrypted messaging apps to find out private identifying information about his victims.

Adekoya subsequently recruited “a vast web of managers” around the nation, shared the information with them and supplied them with fake identification cards so they could impersonate HELOC customers at banks and credit unions to withdraw funds from victims’ accounts.

To avoid detection, Adekoya utilized a network of burner phones and used encrypted chat applications to pass key information. He also laundered funds through bank accounts under other people’s names.

According to the press release, Adekoya has an extensive criminal rap sheet and has been convicted of fraud-related crimes numerous times since 2008.

Authorities say they had been investigating Adekoya since May 2022. He and 13 others were indicted in December 2023, and all have since pleaded guilty. Federal agents seized Rolex watches, a $51,000 Tiffany engagement ring, designer handbags and shoes, as well as a bank account containing $26,000 from Adekoya.

Adekoya’s sentencing is scheduled on October 30th, and he is facing a minimum of two years and a maximum of 32 years behind bars.

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