Described by prosecutors and law enforcement agents as the ringleader of an extensive bank fraud scheme, Oluwaseun Adekoya of Cliffside Park, N.J., was convicted on multiple counts and faces up to 32 years in prison.
Adekoya, originally of Nigeria, was known by many aliases throughout his years of criminal activity, including “Ace G.,” “BRODA,” “Legendary,” “SANTA,” “SANTANA,” “Sammy LaBanco,” among others. He was convicted in a jury trial on charges of bank fraud conspiracy, money laundering conspiracy and nine counts of aggravated identity theft.
The charges were brough against Adekoya for his role as the mastermind of a nationwide conspiracy to steal identities and impersonate customers at banks and credit unions throughout the United States, according to a press release from the U.S. Attorney’s Office for the Northern District of New York.
The trial lasted two and a half weeks and involved more than 60 witnesses against Adekoya. According to court documents, in his exploits as a “career fraudster,” Adekoya gathered publicly available information on his victims’ home equity lines of credit (HELOCs) and used encrypted messaging apps to collect personal identifying information, such as social security numbers, from individuals with significant equity in their HELOCs.
Adekoya also recruited accomplices across the country and provided them with this stolen information, as well as fake driver’s licenses. These credentials were used to impersonate the HELOC customers and withdraw their funds.
To avoid detection, Adekoya used “burner” phones and laundered money through accounts in others' names, while also spending some of the proceeds to fund the nationwide fraud operation. His criminal history includes multiple identity fraud felonies, but he has never been deported since becoming a lawful permanent resident in 2000.
The investigation into Adekoya began in May 2022 after a credit union detected impersonation transactions and referred the case to the FBI. Adekoya was arrested on Dec. 12, 2023, following an indictment and evidence that he attempted to destroy evidence during the arrest.
More than a dozen co-defendants previously pleaded guilty in connection with Adekoya’s conspiracy and all face sentencing later this year. Their convictions include charges such as conspiracy to commit bank fraud, conspiracy to commit money laundering and aggravated identity theft.
Adekoya’s sentencing is scheduled for Oct. 30. He faces a minimum of two years and a maximum of 32 years in prison, along with restitution and potential deportation.
“Mr. Adekoya was the mastermind of a complex web of deception, but he couldn’t escape the reach of the FBI and our partners,” FBI Special Agent in Charge Craig Tremaroli said in a press release. “We are incredibly grateful to the numerous state and local law enforcement and banking institution partners who helped bring this investigation to a successful conviction. Our communities should rest assured the FBI will continue to use every investigative tool we have to bring to justice anyone looking to line their pockets at the expense of hard-working Americans.”