Nigerian National Sentenced to 34 Years in Prison for Bank Fraud and Money Laundering Conspiracy

Strategic Insights -

Babatope Joseph Aderinoye, a 30-year-old Nigerian national residing in Plano, Texas, has been sentenced to 408 months in federal prison for his involvement in a bank fraud and money laundering conspiracy in the Eastern District of Texas. Aderinoye was convicted by a jury on October 14, 2020, of conspiracy to commit bank fraud, wire fraud, and money laundering, as well as aggravated identity theft and mail fraud. He was ordered to pay restitution in the amount of $1,919,526.13.

Key Takeaways:

  • Aderinoye was convicted of conspiracy to commit bank fraud, wire fraud, and money laundering, as well as aggravated identity theft and mail fraud.
  • He was sentenced to 408 months in federal prison, the equivalent of 34 years.
  • Aderinoye was ordered to pay restitution in the amount of $1,919,526.13.
  • The defendant defrauded senior citizens, a school district, and a non-profit organization aimed at helping the families of the terminally-ill.
  • Over $6.7 million was deposited into alias accounts of Aderinoye between June 2018 and September 2019, with almost all of those funds being withdrawn or wired internationally.
  • The victims of the BEC scams included a school district, a non-profit organization, an individual whose identity was used to drain his retirement account, and an elderly man who had over $352,000 stolen from his investment account.
  • The investigation is ongoing, as co-conspirators and victims continue to be identified.

Statistics:

  • 408 months: the length of Aderinoye's federal prison sentence.
  • $1,919,526.13: the amount of restitution Aderinoye was ordered to pay.
  • Over $6.7 million: the amount deposited into alias accounts of Aderinoye between June 2018 and September 2019.
  • 13 individual aliases: tied to Aderinoye, according to information presented in court.
  • 12 business aliases: tied to Aderinoye, according to information presented in court.
  • Over 40 fraudulent bank accounts: tied to Aderinoye, according to information presented in court.

Sources:

  • "Plano Man Sentenced to 34 Years for Bank Fraud and Money Laundering Conspiracy" - U.S. Department of Justice, Eastern District of Texas, October 15, 2021.
  • "Former Nigerian National Sentenced to 408 Months for Bank Fraud and Money Laundering" - FBI Dallas, October 15, 2021.
  • "Nigerian National Sentenced to 34 Years for Bank Fraud and Money Laundering" - Legal Monitor Worldwide, October 15, 2021.