A U.S. federal court has sentenced 40-year-old Oluwaseun Adekoya, a Nigerian-born lawful permanent resident, to 20 years in prison for leading a sophisticated nationwide bank-fraud and money-laundering network. Prosecutors said Adekoya known by multiple aliases including “Ace G.” and “Legendary” orchestrated a scheme targeting home equity lines of credit, using stolen identities purchased online and deploying operatives across several states. He was convicted of bank fraud conspiracy, money laundering conspiracy, and aggravated identity theft.
Acting U.S. Attorney John A. Sarcone III said, “For nearly two decades, Oluwaseun Adekoya abused the privilege of lawful permanent resident status to steal the identities of innocent Americans.” Investigators seized burner phones, luxury items, and laundered funds during his arrest in New Jersey. In addition to prison time, Adekoya must pay over $2.2 million in restitution and will face removal from the U.S. after release. Thirteen co-conspirators have already pleaded guilty.