2 get decades in prison for US$50m bank fraud
Source: Agencies |
August 15, 2012, Wednesday
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A US federal judge yesterday sentenced two men to decades in prison for their roles in a US$50 million bank fraud conspiracy that authorities say spanned six states and depended on employees of some of America's largest banks stealing customers' identities.
US District Judge Michael Davis sentenced the ringleader, Julian Okeayaninneh, 44, of Colton, California, to 27 years in prison.
Davis sentenced Olugbenga Temidago Adeniran, 36, of New York, described as a high-level manager in the conspiracy, to 22 years in prison.
A federal jury in Minnesota convicted Okeayaninneh and Adeniran in February on multiple counts, including bank fraud conspiracy and aggravated identity theft.
So far, 27 people have either pleaded guilty or been convicted in the scheme, in which customer identities were stolen, then bought and sold, and used to create phony bank and credit card accounts, apply for loans or get cash. Prosecutors say the conspiracy was carried out from 2006 through 2011 in Minnesota, Arizona, California, Massachusetts, New York and Texas.
Authorities said the scheme victimized more than 500 people around the world by stealing their personal and financial information.
After Okeayaninneh's arrest, authorities found more than 8,000 stolen identification documents in his storage locker, including hospital records, bank records and credit reports.
Prosecutors say Adeniran used fraudulent credit cards to obtain cash from banks and buy merchandise from the Mall of America as well as from Southdale Center.
US District Judge Michael Davis sentenced the ringleader, Julian Okeayaninneh, 44, of Colton, California, to 27 years in prison.
Davis sentenced Olugbenga Temidago Adeniran, 36, of New York, described as a high-level manager in the conspiracy, to 22 years in prison.
A federal jury in Minnesota convicted Okeayaninneh and Adeniran in February on multiple counts, including bank fraud conspiracy and aggravated identity theft.
So far, 27 people have either pleaded guilty or been convicted in the scheme, in which customer identities were stolen, then bought and sold, and used to create phony bank and credit card accounts, apply for loans or get cash. Prosecutors say the conspiracy was carried out from 2006 through 2011 in Minnesota, Arizona, California, Massachusetts, New York and Texas.
Authorities said the scheme victimized more than 500 people around the world by stealing their personal and financial information.
After Okeayaninneh's arrest, authorities found more than 8,000 stolen identification documents in his storage locker, including hospital records, bank records and credit reports.
Prosecutors say Adeniran used fraudulent credit cards to obtain cash from banks and buy merchandise from the Mall of America as well as from Southdale Center.
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