A United States federal court has sentenced a Nigerian born New Jersey resident, Oluwaseun Adekoya, to 20 years in prison for leading an extensive bank fraud and identity theft ring that targeted home equity lines of credit across the country.
The 40 year old was found guilty earlier in the year after investigators linked him to a broad network that specialised in exploiting HELOC accounts.
Adekoya, who prosecutors said operated under multiple aliases, including Ace G Broda, Legendary, Santa, Santana, Sammy LaBanco, Sean Maison and Kiing_maison, was handed the sentence on December 1 following a three week trial.
Officials said he first secured lawful permanent resident status in the US in 2004.
John Sarcone, acting US attorney for the Northern District of New York, described Adekoya as a fraudster who “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”.
According to the US attorney generals office for the Northern District of New York, the case originated in May 2022 when Broadview Federal Credit Union in Albany uncovered suspicious impersonation transactions at its branches and alerted the FBI.
“The ensuing investigation led to the discovery that Adekoya was the mastermind of the nationwide operations and to the prosecution of 13 additional coconspirators through a series of superseding indictments, all of whom pleaded guilty to their roles in the offences before trial,” the statement reads.
Investigators said his arrest on December 12, 2023, disrupted the criminal operations.
They disclosed that he attempted to destroy evidence moments before agents entered his luxury New Jersey apartment.
“Evidence at trial showed that when the FBI attempted to enter the defendant’s luxury apartment on December 12, 2023, to execute a federal search warrant, Adekoya wiped the primary phone he had used to orchestrate the conspiracy.
“Nonetheless, the FBI seized numerous ‘burner’ phones used by Adekoya to perpetrate the charged crimes.
“The FBI also seized Rolex watches, a $51,000 Tiffany engagement ring, designer handbags and shoes, and approximately $26,000 in a bank account used by Adekoya to launder his proceeds.
“The government has since forfeited those items and others.”
Prosecutors said Adekoya’s operation relied heavily on publicly sourced information about HELOC accounts across various states.
They added that he moved his focus periodically to avoid drawing attention from financial institutions and law enforcement agencies.
They said he used encrypted channels, including Telegram, to purchase sensitive data such as social security numbers, account details and mothers maiden names belonging to homeowners with high equity.
He later distributed these details, along with forged drivers licences, to foot soldiers positioned nationwide.
Authorities said he shielded himself by using layers of unregistered phones and encrypted communication tools and routed his proceeds through bank accounts operated in other people’s names.
They added that he reinvested part of the illicit funds into travel, forged documents and logistics to keep the operation running.
Craig L Tremaroli, special agent in charge of the FBI’s Albany field office, said Adekoya spent years building a criminal empire that preyed on unsuspecting Americans.
“This sentence ensures he’ll spend the next two decades of his life in federal prison,” Tremaroli said.
During sentencing, US district judge Mae A D’Agostino described Adekoya as “a perpetual thief” and a “flagrant serial offender” who has “orchestrated increasingly sophisticated felony identity-theft and fraud offences since he started his criminal career in 2008 at the age of 22”.
The court also convicted more than 10 of his associates, who were given varying sentences based on their roles.
In addition to the lengthy jail term, Adekoya will serve five years of supervised release, repay over 2.2 million dollars in restitution and pay a 1,100 dollar special assessment. He also faces deportation after completing his prison sentence.
