New York’s Adedayo John was today sentenced to seven years in prison for leading a money laundering and bank fraud ring that defrauded over 50 victims, accumulating proceeds exceeding $19 million.
John, a leader of the U.S.-based operation, directed members to open new bank accounts, procure fake IDs, and facilitate fraudulent transactions.
The scheme, which involved both business email compromise fraud and romance scams, saw transfers of over $4.5 million through John’s accounts alone.
John was also sentenced to three years of supervised release, ordered to forfeit $4.5 million, two vehicles, and pay $1.6 million in restitution. The total value of fraud proceeds forfeited by all defendants exceeds $25 million, with over $8 million in restitution orders.
The U.S. Secret Service was praised for their investigative work by U.S. Attorney Damian Williams, who emphasized the scheme’s impact on elderly victims and businesses alike.
Eleven defendants have pleaded guilty to various charges related to the ring, including conspiracy to commit money laundering and bank fraud.
RELATED: Adedayo John Sentenced to Seven Years for Money Laundering and Bank Fraud
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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