US Court Jails Nigerian-Born Adekoya 20 Years for Bank Fraud
A United States court has sentenced Oluwaseun Adekoya, a Nigerian-born resident, to 20 years in prison for masterminding a nationwide bank fraud and money laundering conspiracy.
Adekoya, 40, of Cliffside Park, New Jersey, was sentenced on Monday by U.S. District Judge Mae A. D’Agostino in Albany, New York. He was also ordered to pay restitution of over $2.2 million and will face deportation upon completion of his sentence.
Described by the judge as a “perpetual thief” and “flagrant serial offender,” Adekoya orchestrated sophisticated identity theft schemes targeting credit unions across the U.S. since 2008.
Evidence presented at trial revealed that Adekoya obtained personal information of victims, including home equity lines of credit (HELOCs) details, and recruited a network of accomplices to impersonate account holders. He supplied them with fake driver’s licenses to withdraw funds from victims’ accounts.
According to reports , evade detection, Adekoya used “burner” phones and encrypted messaging apps, laundering the proceeds through third-party bank accounts and reinvesting funds into the criminal enterprise.
“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,” said Acting U.S. Attorney John A. Sarcone III.
The investigation, dubbed “Operation Catch Me If You Can,” began in May 2022 after suspicious transactions were flagged at a credit union in Albany. It led to the prosecution of 13 co-conspirators, all of whom pleaded guilty before trial.
