Nigerian Mastermind of Multi-State Fraud Ring Sentenced to Prison in US
- Federal prosecutors secured a twenty-year prison sentence against Oluwaseun Adekoya for coordinating a two-million-dollar identity theft and bank fraud ring
- Investigators uncovered a multi-state network that used forged documents, burner phones and encrypted channels to impersonate victims and drain home equity credit lines
- Thirteen other conspirators pleaded guilty as agents recovered phones, forged IDs and luxury items during a raid that linked Adekoya to the operation
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American federal prosecutors have secured a major victory against a man they described as the architect of one of the most organised bank fraud and identity theft operations uncovered in the United States in recent years.
Oluwaseun Adekoya, a Nigerian-born permanent resident who lived in New Jersey, has been sentenced to twenty years in federal prison after a jury found him guilty of running coordinated schemes that stole and laundered more than two million dollars.
Source: Getty Images
Adekoya, known across encrypted channels by multiple aliases including Ace G, Legendary and Sammy LaBanco, led a network that targeted home equity credit lines at credit unions across several states.
In a lengthy post on its official website, US prosecutors told the court that his empire operated quietly from a luxury apartment while victims suffered the consequences of impersonation and drained accounts.
FBI narrates how conspiracy operated
Evidence presented at trial revealed that Adekoya sourced publicly available financial records to identify people with substantial equity in their home credit facilities. Investigators said he then purchased or obtained sensitive personal data through encrypted platforms.
The information included Social Security numbers, account details and security identifiers. He distributed those details to managers and lower-level recruits who used fake driver’s licences to impersonate account holders and make withdrawals.
The court heard that he relied heavily on burner phones, anonymous messaging applications and accounts opened in other people’s names to move proceeds. Some of the returns were reinvested into travel, forged documents and rental cars used to shuttle recruits between targeted credit union branches.
Source: Getty Images
US court prosecutes a criminal pattern spanning years
Judge Mae D Agostino described Adekoya as a perpetual thief with a long record of identity crimes. Prosecutors said his criminal history stretched back to 2008 and escalated in sophistication with each passing year.
They argued that he used the benefits of his immigration status to maintain a lavish lifestyle funded by deception.
Acting United States Attorney John Sarcone said Adekoya showed no remorse during the investigation or trial. Sarcone noted that the defendant used the identities of innocent Americans to maintain comfort and luxury.
He added that Adekoya would face removal proceedings after completing his sentence.
The case began in 2022 after Broadview Federal Credit Union flagged suspicious impersonation attempts across its branches in New York’s Capital Region. Agents with the FBI Albany Field Office launched a wider investigation that led them to Adekoya as the central figure. Thirteen other conspirators were eventually identified and all pleaded guilty before the main trial began.
When agents executed a search at his apartment during his arrest in December 2023, he attempted to wipe the phone that contained instructions and communication logs. Investigators still recovered several burner devices along with luxury items and cash linked to the scheme. Those items have now been forfeited.
Court hands sentences for Cc-conspirators
Several members of the network have already received prison terms and restitution orders. Their roles varied from impersonators to managers who coordinated trips and withdrawals at targeted branches across the country. A final conspirator is expected to be sentenced next year.
Federal agents said the sentence delivered in Albany sends a strong message to organised fraud rings that target financial institutions and vulnerable account holders.
They added that the investigation succeeded because of cooperation from dozens of local, state and federal law enforcement agencies across the United States.
Did Lagos Yahoo Boy scam Donald Trump?
Earlier, Legit.ng reported that social media posts and Nigerian news websites claimed that a Nigerian-based 'Yahoo Boy' conned United States (US) President Donald Trump out of 250,000 dollars.
Legit.ng reports that ‘Yahoo Boy’ (an alternative name for ‘Yahoo Yahoo’ or ‘G-Boys’) is used to describe people who defraud mostly non-Nigerians via the internet.
Upon close and deliberate investigation, Legit.ng found out the truth of the story.
Source: Legit.ng
