US Court Sentences Nigerian-Born Oluwaseun Adekoya to 20 Years for Nationwide Bank Fraud Scheme
A U.S. federal court has sentenced 40-year-old Nigerian-born Oluwaseun Adekoya, a lawful permanent resident of New Jersey, to 20 years in federal prison for orchestrating one of the most elaborate home-equity bank fraud schemes uncovered in recent years. The sentence, handed down on December 1 after a three-week jury trial, brings to a close a multi-year investigation that exposed a network of nationwide operatives, stolen identities, encrypted communications, and millions of dollars in illicit proceeds.
Adekoya—who used multiple aliases including Ace G., Broda, Legendary, Santa, Santana, Sammy LaBanco, Sean Maison, and Kiing_maison—was described by prosecutors as a “career fraudster” and “perpetual thief” with a criminal trail dating back to 2008. According to Acting U.S. Attorney John Sarcone of the Northern District of New York, Adekoya “abused the privilege of lawful permanent resident status to steal the identities of innocent Americans so he could live lavishly in our country, without an ounce of remorse.”
How the Investigation Unfolded
The case began in May 2022 when Broadview Federal Credit Union in Albany, New York, alerted federal investigators to suspicious impersonation attempts targeting customer Home Equity Lines of Credit (HELOCs). The credit union’s report triggered a full FBI investigation, eventually revealing a sprawling criminal conspiracy run from Adekoya’s luxury apartment in New Jersey.
The FBI discovered that Adekoya shifted his focus across different U.S. states to avoid detection, using publicly accessible data to identify victims with substantial home-equity credit available. He then turned to encrypted messaging apps such as Telegram to purchase sensitive personal information—Social Security numbers, bank details, mothers’ maiden names, and other identifiers.
Armed with this information, Adekoya built a network of managers and field operatives across the country. Prosecutors said he supplied these accomplices with fake driver’s licenses and detailed instructions, enabling them to impersonate legitimate HELOC customers at various credit union branches and carry out fraudulent withdrawals.
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By the time federal authorities moved in, 13 co-conspirators had been identified, indicted, and later pleaded guilty. Their roles ranged from identity impersonation to logistics, transportation, and cash movement.
Arrest and Evidence Seized
On December 12, 2023, federal agents executed a search warrant at Adekoya’s residence. Prosecutors told the court that as agents attempted entry, Adekoya wiped the primary phone he used to direct the operation. Despite this, investigators recovered multiple “burner” phones that contained crucial evidence linking him to the fraud network.
Agents also recovered luxury items purchased with illicit proceeds, including several Rolex watches, a $51,000 Tiffany engagement ring, designer handbags and shoes, and $26,000 in a laundering account. These items—and additional seized property—have since been forfeited to the U.S. government.
Inside the Fraud Scheme
According to trial evidence, Adekoya reinvested a portion of his stolen funds to keep the scheme running smoothly. This included financing flights and bus transportation for accomplices, renting vehicles to shuttle operatives to bank branches, and purchasing high-quality fake IDs used at credit unions across the country.
The U.S. District Judge, Mae A. D’Agostino, described him as a “flagrant serial offender” who for nearly two decades “orchestrated increasingly sophisticated felony identity-theft and fraud offenses.” Several of his co-conspirators were also sentenced separately for their roles in the scheme.
Sentencing and What Comes Next
In addition to his 20-year prison term, the court ordered Adekoya to serve five years of supervised release upon completion of his sentence. He must also pay more than $2.2 million in restitution and an additional $1,100 in special assessments. Following his release, he will be deported from the United States.
Public Reactions
Reactions online have ranged from disappointment to outrage. Many Nigerians expressed frustration at the recurring pattern of fraud cases involving Nigerian nationals abroad, while others mocked the expectation that, upon deportation decades from now, Adekoya might still find political acceptance in Nigeria. Several commenters observed that his intelligence and organizational skill—if applied legitimately—could have built a successful business rather than a long prison sentence.
Despite the emotional responses, one clear takeaway remains: Adekoya’s elaborate network may have run for years, but once exposed, federal authorities acted swiftly, bringing down the group and securing one of the toughest fraud-related sentences issued in recent memory.