⏱ 2 min read
Bukky Olukoga, a 52-year-old Rhode Island woman, pleaded guilty to operating an unlicensed money transmitting business that moved funds between individuals in the US and foreign countries, including Nigeria and China, from at least February 16, 2020, to April 17, 2022. Olukoga used her company, Grace’s Property Investment LLC, to receive funds from third parties through cash, money orders, deposits, and electronic transfers, and then transferred those funds to bank accounts held by individuals and entities overseas, taking a fee for her services.
Olukoga’s scheme involved opening and maintaining accounts at multiple financial institutions, including Santander Bank, Washington Trust, Citizens Bank, TD Bank, and Bank of America, as well as creating and using peer-to-peer mobile payment accounts, such as Cash App and Zelle. She did not possess the licenses required to operate a money transmitting business at the state or federal level.
As part of her plea agreement, Olukoga agreed to forfeit approximately $203,969 in assets involved in or derived from the offense, including US currency and funds seized from bank and investment accounts. She is scheduled to be sentenced on October 27, 2026, and the sentence imposed will be determined by a federal district court judge after considering the US Sentencing Guidelines and other statutory factors.
The investigation was conducted by Homeland Security Investigations (HSI), and the matter is being prosecuted by Assistant United States Attorney Denise M. Barton.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Rhode Island
- Location: RI
- Source: DOJ Press Release
