Adekoya, a US lawful permanent resident since 2004, was found guilty earlier this year after a three-week federal jury trial, according to the U.S. Attorney’s Office, Northern District of New York.....TAP TO CONTINUE READING

A 40-year-old United States-based Nigerian fraud kingpin, Oluwaseun Adekoya, the mastermind and ringleader of one of the most sophisticated nationwide bank-fraud and money-laundering conspiracies uncovered in recent years, has been sentenced to 20 years in federal prison.

Adekoya, a US lawful permanent resident since 2004, was found guilty earlier this year after a three-week federal jury trial, according to the U.S. Attorney’s Office, Northern District of New York.

He was convicted of conspiracy to commit bank fraud, conspiracy to commit money laundering, and nine counts of aggravated identity theft, offenses prosecutors say he executed with precision, coordination, and a complete disregard for the financial devastation inflicted on victims.

Adekoya, known by at least nine aliases including “Ace G.,” “BRODA,” “Legendary,” “Santa,” “Santana,” “Sammy LaBanco,” “Sean Maison,” and “Kiing_maison,” orchestrated an expansive fraud ring that targeted home equity lines of credit (HELOCs) at credit unions across the United States.

His sentencing was announced by Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the FBI’s Albany Field Office.

According to prosecutors, Adekoya ran the enterprise from the comfort of his upscale apartment in Cliffside Park, New Jersey.

Trial evidence showed that he spent years harvesting publicly available information about credit union customers with substantial HELOC balances.

He then purchased additional personal identifying information (PII), including Social Security numbers, account numbers, and mother’s maiden names, on encrypted platforms such as Telegram.

With this data, Adekoya exercised near-total control over a nationwide network of “managers” and street-level operatives who carried out in-person withdrawals by impersonating legitimate account holders.

He supplied his recruits with fake driver’s licenses matching the stolen identities and directed them to credit unions in multiple states where HELOC transactions could be exploited with minimum suspicion.

Investigators described the network as highly structured. Managers coordinated travel logistics for the lower-level operatives while Adekoya funded airline tickets, bus fares, rental cars, and other operational expenses.

He routinely shifted his targets geographically to stay ahead of law enforcement, exploiting financial institutions in different regions at different times.

To conceal his involvement, Adekoya relied extensively on “burner” phones, encrypted messaging apps, and bank accounts opened under other people’s names.

He laundered his share of the proceeds through these accounts before spending lavishly on luxury items, including Rolex watches, high-end jewelry, and designer goods.

Presiding U.S. District Judge Mae A. D’Agostino delivered a scathing assessment of Adekoya’s criminal history, calling him a “perpetual thief” and “flagrant serial offender” who has participated in sophisticated fraud and identity-theft schemes since 2008, when he was only 22 years old.

“For nearly two decades, 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,” Acting U.S. Attorney Sarcone said in a statement.

“Now he gets to spend two decades in prison, and he deserves every last day of his sentence. I look forward to his subsequent removal from the United States.”

Special Agent Tremaroli said Adekoya spent almost half his life building a criminal network “that stole from hard-working Americans,” adding that the sentence marks the collapse of the enterprise and guarantees accountability for its leader.

The sprawling conspiracy began to unravel in May 2022 when Broadview Federal Credit Union, formerly CAP COM and SEFCU, flagged a series of suspicious impersonation-based withdrawals at its Capital Region branches in New York.

The credit union referred the anomalies to the FBI Albany Field Office, which launched an investigation that quickly revealed similar fraudulent activity across multiple states.

As investigators connected the dots, Adekoya emerged as the architect of one of the nation’s most organised HELOC fraud networks.

Over time, federal prosecutors secured superseding indictments, adding more coconspirators and charges.

Adekoya was arrested on December 12, 2023. When FBI agents moved to execute a federal search warrant at his New Jersey apartment, he attempted to wipe the primary phone he used to run the conspiracy.

However, investigators recovered multiple burner phones along with a trove of incriminating evidence, including designer handbags, high-end merchandise, a $51,000 Tiffany engagement ring, and $26,000 sitting in a laundering account.

These and other assets have since been forfeited.

In addition to the 20-year prison sentence, Adekoya must serve five years of supervised release.

He has been ordered to pay more than $2.2 million in restitution to victims and a mandatory special assessment of $1,100. After he completes his sentence, he faces removal from the United States.

Fourteen other people have been charged in connection with the scheme, with 13 already having pleaded guilty.

Their sentences range from time served to 11 years in federal prison.

They include: David Daniyan, 61, Brooklyn — 54 months; over $2.2m restitution; Kani Bassie, 36, Brooklyn — 11 years; Davon Hunter, 27, Virginia — 42 months; $469,499 restitution; Christian Quivers, 20, Virginia — 42 months; $385,650 restitution; Jermon Brooks, 20, Virginia — 36 months; $385,650 restitution, and Akeem Balogun, 56, Brooklyn — 21 months; $262,200 restitution.

Others are Victor Barriera, 64, Bronx — time served; $203,352 restitution; Danielle Cappetti, 46, Bronx — time served; $142,796 restitution; Jerjuan Joyner, 50, Brooklyn — 12 months; Gaysha Kennedy, 46, Brooklyn — time served; $24,500 restitution; Crystal Kurschner, 44, Brooklyn — time served; $220,850 restitution, and Sherry Ozmore, 56, Virginia — time served; $229,303 restitution.

Another coconspirator, Lesley Lucchese, 53, of Manhattan, previously pleaded guilty and is awaiting sentencing.

The investigation drew support from dozens of federal, state, and local agencies, including multiple FBI field offices in New York, New Jersey, Illinois, Wisconsin, Virginia, and Florida; as well as state and municipal police departments across more than a dozen states.

Assistant U.S. Attorneys Benjamin S. Clark, Mathew M. Paulbeck, and Joshua R. Rosenthal led the prosecution, culminating in the conviction and sentencing of one of the most prolific HELOC fraudsters in recent American history.

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