Career Fraudster Oluwaseun Adekoya Handed Two-Decade Prison Term for $2.2 Million Identity Theft Ring

​The architect of a sprawling, multi-million dollar identity theft and bank fraud operation, Oluwaseun Adekoya, was sentenced to 20 years in federal prison last week, closing the book on a criminal enterprise that stole and laundered over $2.2 million from innocent Americans nationwide.

​Adekoya, 40, a Nigerian citizen and lawful permanent resident of the U.S. since 2004, was convicted earlier this year by a jury on charges of bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft. His sentencing was announced by Acting United States Attorney John A. Sarcone III and FBI Special Agent in Charge Craig L. Tremaroli.

​From Luxury Apartment to Federal Prison

​Operating under multiple aliases, including “Ace G.,” “Legendary,” and “Sammy LaBanco,” Adekoya masterminded the sophisticated scheme from the comfort of his luxury apartment in Cliffside Park, New Jersey. The fraud targeted vulnerable Home Equity Lines of Credit (HELOCs) at localized credit unions throughout the country.

​According to trial evidence, Adekoya used encrypted platforms like Telegram to procure victims’ sensitive Personal Identifying Information (PII), including Social Security numbers and account details. He then provided this data, along with fake driver’s licenses, to a vast network of recruited managers and low-level workers who would impersonate the HELOC customers to conduct large-scale withdrawal transactions.

​U.S. District Judge Mae A. D’Agostino, in handing down the sentence, described Adekoya as a “perpetual thief” and a “flagrant serial offender.” The court noted that Adekoya has escalated his criminal activities since starting his career in 2008 at age 22.

​Sophisticated Money Laundering and Operations

​To maintain a distance from the street-level fraud and law enforcement detection, Adekoya utilized a web of “burner” phones and encrypted apps. He laundered his substantial proceeds through various bank accounts held in other people’s names.

​Furthermore, Adekoya reinvested the stolen funds into operational costs, purchasing flights and bus tickets for co-conspirators, fake IDs, and rental cars to shuttle workers to targeted credit union branches—evidence of a highly organized, professional criminal structure.

​”For nearly two decades, Oluwaseun 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,” stated Acting U.S. Attorney Sarcone, who also confirmed that Adekoya is subject to removal from the United States after completing his sentence.

​The Downfall of a Criminal Network

​The investigation into Adekoya’s ring began in May 2022 when Broadview Federal Credit Union (formerly CAP COM and SEFCU) in Albany, New York, flagged a series of suspicious impersonation transactions. This initial lead quickly escalated to the FBI-Albany, which uncovered Adekoya as the nationwide mastermind.

​The ensuing investigation resulted in the prosecution of 13 additional co-conspirators, all of whom pleaded guilty before the trial. Adekoya’s operations came to a “screeching halt” with his federal arrest on December 12, 2023.

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​Despite the defendant attempting to wipe his primary phone when the FBI executed a search warrant at his apartment, investigators seized numerous “burner” phones, as well as luxury goods purchased with the proceeds of the crime. Forfeited assets include Rolex watches, a $51,000 Tiffany engagement ring, designer goods, and approximately $26,000 in a bank account.

​In addition to his 20-year prison term, Adekoya was ordered to pay over $2.2 million in restitution to his victims and must serve five years of supervised release upon his release.