A Nigerian man described as the architect of a highly organised multi-million dollar bank fraud ring has been sentenced to two decades in a United States federal prison.
The Mastermind and His Operation
Oluwaseun Adekoya, a Nigerian-born permanent resident who lived in New Jersey, received a twenty-year sentence after a jury found him guilty of running coordinated schemes that stole and laundered more than two million dollars. Federal prosecutors secured the sentence on December 6, 2025, marking a major victory against what they called one of the most organised fraud operations uncovered in recent years.
Known by aliases like Ace G, Legendary, and Sammy LaBanco on encrypted channels, Adekoya led a network that specifically targeted home equity credit lines at credit unions across several US states. Prosecutors told the court his empire operated from a luxury apartment while victims suffered the consequences of impersonation and drained accounts.
How the Sophisticated Fraud Worked
Evidence presented at trial revealed Adekoya's methodical approach. He first sourced publicly available financial records to identify individuals with substantial equity in their home credit facilities. He then purchased or obtained sensitive personal data—including Social Security numbers and account details—through encrypted platforms.
This information was distributed to managers and lower-level recruits who used fake driver’s licences to impersonate account holders and make withdrawals. The scheme relied heavily on burner phones, anonymous messaging apps, and accounts opened in other people's names to move the illicit proceeds. Some funds were reinvested into travel, more forged documents, and rental cars used to shuttle recruits between targeted credit union branches.
Investigation, Arrest, and Co-Conspirators
The case began in 2022 after Broadview Federal Credit Union flagged suspicious impersonation attempts across its branches in New York’s Capital Region. An investigation by the FBI Albany Field Office identified Adekoya as the central figure.
During his arrest in December 2023, agents executed a search at his apartment where he attempted to wipe a phone containing instructions and communication logs. Investigators still recovered several burner devices, luxury items, and cash linked to the scheme, all of which have now been forfeited.
Thirteen other conspirators were identified and all pleaded guilty before the main trial began. Several have already received prison terms and restitution orders for roles ranging from impersonators to managers who coordinated trips and withdrawals. A final conspirator is expected to be sentenced next year.
A "Perpetual Thief" Faces the Consequences
Judge Mae D Agostino described Adekoya as a "perpetual thief" with a long record of identity crimes stretching back to 2008. Prosecutors argued he used the benefits of his immigration status to maintain a lavish lifestyle funded by deception.
Acting United States Attorney John Sarcone stated that Adekoya showed no remorse and had used the identities of innocent Americans to fund his comfort and luxury. Sarcone added that Adekoya would face removal proceedings after completing his prison sentence.
Federal agents said the sentence delivered in Albany sends a strong message to organised fraud rings targeting financial institutions and vulnerable account holders. They credited the investigation's success to cooperation from dozens of local, state, and federal law enforcement agencies across the United States.
