Four Nigerians were among 25 defendants convicted on April 24 for their roles in a fraud and money laundering scheme commonly referred to as "business email compromise." The individuals include Emmanuel Okereke, also known as Omo Igbo, 42; Olalekan Bashiru, also known as Ola Bash, 36; Jeremiah Agina, 29; and Ademola Balogun, 43 — all Nigerian nationals.
According to the United States Attorney's office, they were part of a group that defrauded more than 1,000 victims of $215 million across 19 countries through an email fraud scheme. Another five defendants — Ayobami Osas Christopher, also known as Lovely Man, 30; Ayorinde Emmanuel Adebayo, 35; Olabode Bankole, 37; Chukwuemeka Evulukwu, 35; and Kingsley Owusu, 37 — were naturalized US citizens of Nigerian descent. Additionally, Oluwafemi Michael Awoyemi, 40, whose nationality was not specified, was named as a defendant in a separate trial for the same crime.
How the Scheme Operated
Court documents and evidence presented during the trial revealed that individuals, businesses, and organizations in the United States were targeted and hacked by Nigerian-linked fraud organizations. The conspirators aimed to gain access to email accounts held by individual users. Once inside, they monitored communications and other activities to learn about business practices and contacts.
After gathering sufficient intelligence about the hacking victim's activities, the co-conspirators would send a fraudulent email to either the victim or someone communicating with the victim, requesting payment. Because they were familiar with the victims' operations, the fraudulent emails were crafted convincingly to make recipients believe the payment request was for legitimate business activities.
Money Laundering and Distribution
Once members of the conspiracy obtained payment from victims, they used a web of fraudulently created bank accounts and cash transfer systems to launder and distribute the funds. Approximately $50 million of the stolen money was used to purchase cashier's checks that were presented for payment to the New Dolton Currency Exchange, a Chicago-area money service business owned and operated by co-defendant Lon Goodman.
Goodman accepted cashier's checks from co-conspirators who presented false identifications or checks payable to others. He routinely accepted false know-your-customer information and continued doing business with individuals even after being warned by banks that checks were obtained with stolen funds or were fraudulent. When it became too risky to accept cashier's checks in an individual's name, Goodman would accept checks from those individuals payable to shell companies they controlled.
Sentencing Pending
Each defendant's sentence will be determined by the court after a review of factors unique to the case, including each defendant's prior criminal record, if any, their role in the offense, and the characteristics of the violation.
