A Nigerian man, Oluwaseun Adekoya, has been handed a 20-year prison sentence in the United States for masterminding a complex, nationwide bank fraud and money laundering operation that targeted American credit unions.
The Mastermind and His Elaborate Scheme
The 40-year-old, who lived in a luxury apartment in Cliffside Park, New Jersey, was sentenced on Monday, December 1, 2025, by U.S. District Judge Mae A. D’Agostino in Albany, New York. Adekoya, known by numerous aliases including “Ace G.,” “BRODA,” and “Legendary,” was found guilty earlier this year after a three-week trial. His charges included bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft.
Operating from the comfort of his home, Adekoya, described by prosecutors as a career fraudster, identified victims by scouring public information for home equity lines of credit (HELOCs) at credit unions across the country. He strategically shifted his focus to different regions to evade law enforcement.
He then used encrypted messaging apps like Telegram to purchase Social Security numbers, account details, and other personal information of individuals with substantial equity in their HELOCs. Adekoya built a vast network, recruiting managers and providing lower-level workers with fake driver's licenses to impersonate account holders and withdraw funds.
A Lavish Lifestyle Funded by Fraud
To hide his tracks, Adekoya employed a web of "burner" phones and encrypted apps. He laundered his illicit profits through bank accounts opened in other people's names. Evidence showed he reinvested some of the stolen money back into the criminal enterprise, funding air and bus travel for co-conspirators, purchasing more fake IDs, and renting cars to transport workers to credit unions.
His lavish lifestyle, funded by the scheme, was cut short when the FBI arrested him on December 12, 2023. During the arrest, agents seized luxury items including Rolex watches, a $51,000 Tiffany engagement ring, designer bags and shoes, and approximately $26,000 from a laundering account. These assets have since been forfeited to the government.
Judge D’Agostino condemned Adekoya as a "perpetual thief" and a "flagrant serial offender," noting his criminal career began in 2008 when he was just 22. A lawful permanent resident since 2004, Adekoya now faces removal from the U.S. after serving his sentence.
Widespread Network and Consequences
The investigation began in May 2022 after Broadview Federal Credit Union in Albany noticed suspicious impersonation transactions. The probe unveiled Adekoya as the ringleader and led to the prosecution of 13 additional co-conspirators, all of whom pleaded guilty.
Acting U.S. Attorney John A. Sarcone III stated, "For nearly two decades, Oluwaseun Adekoya abused the privilege of lawful permanent resident status to steal the identities of innocent Americans... Now he gets to spend two decades in prison." FBI Special Agent in Charge Craig L. Tremaroli emphasized the sentence ensures Adekoya will spend the next two decades paying for his crimes.
As part of his sentence, Adekoya must also serve five years of supervised release and pay over $2.2 million in restitution, along with a $1,100 special assessment. His co-defendants received sentences ranging from time served to 11 years in prison, and were also ordered to pay restitution.
