A Ghana-based money launderer has been sentenced to 108 months in prison for his role in a massive fraud scheme that targeted businesses and individuals across the United States.
Fred Asante, 35, was arrested on February 17, 2021, in Virginia and pleaded guilty to conspiracy to commit money laundering on February 16, 2022, before District Judge Jed S. Rakoff.
According to the indictment, Asante was the top U.S.-based money launderer for a criminal enterprise based in the Republic of Ghana that engaged in a series of fraud schemes, including business email compromises, romance scams, and fraud schemes related to the COVID-19 pandemic.
The fraud schemes involved tricking businesses into wiring funds into accounts controlled by the enterprise, as well as romance scams that targeted vulnerable older men and women. The enterprise also submitted fraudulent loan applications through the U.S. Small Business Administration’s Economic Injury Disaster Loan program.
Asante and other members of the enterprise received fraud proceeds in dozens of business bank accounts controlled in New York, New Jersey, and Virginia. They laundered the proceeds to other members of the enterprise abroad.
U.S. Attorney Damian Williams said that Asante set up companies that appeared to be involved in legitimate business, but were actually fronts for laundering millions of dollars for the Ghana-based enterprise.
The indictment alleges that the enterprise committed tens of millions of dollars in fraud against victims across the United States.
Fred Asante, Defendant
Criminal Charge: Conspiracy to Commit Money Laundering
City and State: New York
Date: February 17, 2021 (Arrest)
Date: February 16, 2022 (Plea)
Sentence: 108 months in prison
Related Federal Cases
- William E. Grobes IV, Wire Fraud and Money Laundering, VA 2024 · New York
- Andrew Suarez, Money Laundering, Middletown NJ, 2023 · New York
- Hector Claveria, Money Laundering, New Jersey 2025 · New York
- Perry Osagiede, Fraud & Money Laundering, Newark NJ, 2021 · New York
- Ramfis Minaya, Money Laundering, New Jersey 2020 · New York
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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