A United States court has sentenced a Nigerian citizen, Adedayo Fateru, and three other individuals to prison terms for their roles in a money laundering operation that sought to launder approximately $1.7 million in fraud proceeds. The sentencing was announced by United States Attorney Dan Bishop of the Middle District of North Carolina (MDNC) in a press release issued by the Department of Justice on Wednesday, August 5, 2026.
Investigation into the Money Laundering Ring
According to court documents, the Internal Revenue Service Criminal Investigation and the United States Postal Inspection Services (USPIS) investigated Fateru, a Nigerian citizen and U.S. Permanent Resident, along with Lisa Farrow, William Atwater, and Victoria Stone for their involvement in a money laundering ring. The ring handled proceeds from various wire fraud schemes, including business email compromises (BEC), modified check schemes, false ACH schemes, false applications for Economic Injury Disaster Loans (EIDL) provided during the COVID-19 pandemic, and false applications for unemployment benefits.
Farrow recruited Stone and Atwater into the conspiracy to work alongside Fateru. Farrow and Fateru provided Stone and Atwater with directions on opening bank accounts and moving the fraud proceeds. They also collected portions of the money that Stone or Atwater withdrew from their bank accounts.
Details of the Fraudulent Activities
Stone opened ten bank accounts and received approximately $1,036,679 in proceeds from various wire fraud scams, including BECs. She was able to withdraw approximately $187,375 by conducting hundreds of smaller transactions, including automated teller machine withdrawals and debit card cash advances designed to move and conceal the fraud proceeds.
William Atwater opened numerous bank accounts in his name to receive proceeds from various wire fraud schemes, including false applications for EIDLs and a BEC scam. In total, Atwater received fraud proceeds of approximately $704,320 into his bank accounts. He was able to withdraw or remove approximately $390,352 by conducting over 150 different transactions designed to move and conceal the fraud proceeds.
Sentencing and Legal Consequences
Fateru was sentenced to 87 months of imprisonment followed by three years of supervised release. Upon completion of his sentence, Fateru will be transferred to ICE custody for removal proceedings in accordance with U.S. immigration law.
Farrow was sentenced to 45 months of imprisonment followed by three years of supervised release. Atwater received a sentence of 33 months of imprisonment followed by two years of supervised release. Stone was sentenced to 25 months of imprisonment followed by three years of supervised release.
Investigation and Prosecution
The case was investigated by IRS Criminal Investigation and the USPIS. Assistant U.S. Attorney Ashley Waid of the Middle District of North Carolina is prosecuting the case.
