Nigerian will get 10 years for laundering tens of millions stolen from aged – Supply:

Nigerian man Olugbenga Lawal (also referred to as Razak Aolugbengela) was sentenced on Monday to 10 years and one month in jail for conspiring to launder tens of millions stolen from aged victims in web fraud schemes.

Elder fraud (a type of monetary exploitation of adults aged 60 or older) encompasses situations the place their monetary belongings, financial savings, revenue, or private identification information are misused or stolen, often with out their express consciousness or consent.

Perpetrators generally make use of deceitful ways to trick their victims, assuming false identities similar to authorities officers, faking romantic involvement, or masquerading as buyers, all in an try and deceive and defraud their aged targets.

The FBI said final yr that in 2022 alone, aged Individuals filed 88,262 complaints with its Web Crime Criticism Heart, with a cumulative loss amounting to roughly $3.1 billion.

This marked an 84% surge in losses in comparison with figures reported in 2021, with every sufferer incurring common losses surpassing $35,000 and greater than 5,000 victims experiencing losses exceeding $100,000.

Black Axe member

Lawal labored straight with the Nigeria-based chief of the Nigerian Black Axe organized crime groupone of many world’s most harmful crime syndicates, which he was additionally a member of.

Based on the Justice Division’s press releasethe prison syndicate typically focused aged people who have been virtually at all times beneath the impression they’d developed romantic relationships with people they encountered on-line.

As an alternative, the scammers deceive victims into transferring giant sums of cash beneath numerous pretexts, typically ensuing within the lack of all their life financial savings.

Along with co-conspirators Rita Assane, Dwight Baines, and Michael Hermann, he laundered tens of millions of {dollars} stolen in enterprise electronic mail compromise and romance scams between January 2019 and June 2020.

“The Defendant’s importance in the criminal organization is demonstrated by the fact that he received money directly from defrauded victims as well as from lower-ranking members of the criminal organization,” court documents learn.

“It is believed that, as a higher-ranking member of the organization, Defendant received a ‘cut’ of the fraudulently obtained proceeds and, after taking that ‘cut,’ helped to launder the proceeds and repatriate the funds to West Africa largely by purchasing cars with the fraudulent proceeds and shipping them overseas to other members of the criminal organization.”

INTERPOL also arrested more than 70 suspects believed to be members of the Black Axe worldwide crime group in October 2022, with two of them linked to $1.8 million in monetary fraud.

Helped launder not less than $3.6 million

In all, Lawal oversaw deposits totaling greater than $3.6 million throughout numerous financial institution accounts he managed. The stolen funds have been cut up amongst seven distinct financial institution accounts, both in Lawal’s title or beneath his enterprise entity, Luxe Logistics LLC.

All through his cash laundering actions, Lawal managed accounts at 5 monetary establishments throughout america.

“The evidence also showed that between May of 2019 and July of 2020, Defendant opened nine bank accounts in those names, each of which was shut down within three to six months,” in line with court documents.

“Additionally, Lawal played a role in laundering money for the criminal organization by converting the fraud dollars deposited in his accounts into Nigerian currency accessible in Nigeria,” the Justice Division said.

“He engaged in import/export transactions involving the shipment of cars to Nigeria and currency exchange business transactions to facilitate the repatriation of the organization’s fraud proceeds back to Nigeria.”

The sentence comes after a federal jury convicted Lawal of conspiring to commit cash laundering on August 10, 2023. Earlier than this, his three co-conspirators (Hermann, Assane, and Baines) additionally pleaded responsible to conspiracy to commit cash laundering.

Apart from his ten years and one-month sentence in jail, the court docket additionally ordered Lawal to pay over $1.46 million in restitution.

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Date: 2024-01-10 02:46:15

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Alina A, Toronto
Alina A, Toronto
Alina A, an UofT graduate & Google Certified Cyber Security analyst, currently based in Toronto, Canada. She is passionate for Research and to write about Cyber-security related issues, trends and concerns in an emerging digital world.


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