U.S. court sentences Oluwaseun Adekoya to 20 years in prison over $2 million bank, wire fraud

A U.S. court has sentenced Oluwaseun ‘Sanatana’ Adekoya to 20 years in prison for stealing and laundering $2million in bank and wire fraud.
Described as “Nigerian ringleader of nationwide bank fraud and money laundering conspiracies,” U.S. Department of Justice in a statement, said Mr Adekoya led fraud syndicate that stole and laundered over $2 million by impersonating people across the country.
The 40 years old “serial scammer” earlier this year was found “guilty of bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft after a three-week trial.”
Mr Adekoya, who led a massive criminal network, according to Department of Justice, was sentenced on Tuesday by Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli.
Though Mr Adekoya previously obtained lawful permanent resident status in the United States of America in 2004, he would be deported after serving his jail sentence.
His sentence also included serving five years of supervised release and paying restitution of over $2.2 million and a mandatory special assessment of $1,100.
According to Departme of Justice, proof at trial established that from the comfort of his luxury apartment in New Jersey, Mr Adekoya obtained publicly available information regarding people’s home equity lines of credit (“HELOCs”) at localized credit unions throughout the United States of America, shifting his focus over time to different parts of the country to avoid law enforcement scrutiny.
Described as a notorious “career fraudster,” the Department of Justice said, “Adekoya then utilized encrypted messaging platforms, like Telegram, to obtain Social Security numbers, account numbers, mother’s maiden names, and other personal identifying information (“PII”) for individuals he had identified as having substantial amounts of equity available in their HELOCs.
It added, “Adekoya then gave this information to a vast web of managers he recruited from all over the country, along with fake driver’s licenses for lower-level workers to use to impersonate the HELOC customers and conduct withdrawal transactions on their accounts. To insulate himself from detection, Adekoya utilized a web of “burner” phones and encrypted messaging applications and laundered his substantial share of the proceeds through bank accounts in other people’s names.”
Acting U.S. Attorney Sarcone said, “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.
He added, “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.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Bayelsa deputy governor urges women to champion social change
He said women played critical roles in nation-building.

States
NOA, NOSDRA partner on environmental safety in Kwara
Mr Williams commended NOA for seeking closer collaboration in environmental management.

States
WHO commends Ebonyi as FGM drops to 20.4%
Mr Ogbueli described the decline as a major milestone in efforts to end FGM.

Economy
FG empowers nearly 300,000 Nigerians through skills programmes: Minister
Mrs Oduwole saidthat the ministry was implementing policies to strengthen manufacturing and agro-processing, among others.

States
Osun 2026: APC candidate promises violence-free election, warns against intimidation
Mr Oyebamiji expressed optimism about winning the election.

NationWide
CJN seeks strong legal protection for maritime sector
Mrs Kekere-Ekun described maritime law as one of the principal pillars supporting global commerce.





