A Maryland man has been convicted of money laundering offenses related to funds obtained through a computer intrusion scheme.
Oladapo Sunday Ogunbiyi, 43, of Bowie, Maryland, was convicted of conspiracy to commit money laundering, two counts of money laundering, and two counts of engaging in monetary transactions in property derived from specified unlawful activity.
The jury returned the verdict following a three-day trial before U.S. District Judge Michael A. Shipp in Trenton federal court.
According to documents filed in the case and statements made in court, Ogunbiyi conspired with others to launder funds obtained through an unlawful computer fraud scheme in which they obtained unauthorized access to a 401(k) retirement plan belonging to a victim.
The victim’s 401(k) account was linked to a bank account belonging to another individual without their knowledge or authorization. $246,390 was then transferred to that bank account.
Ogunbiyi’s co-conspirator directed that the fraud proceeds be converted into cashier’s checks, which were provided to Ogunbiyi. He then deposited the cashier’s checks into business bank accounts under his control and withdrew the funds in a series of ATM and counter withdrawals designed to conceal the source of the money, which he used for personal expenditures.
Ogunbiyi faces a maximum penalty of 20 years in prison and a fine of $500,000, or twice the value of the property involved in the transaction, whichever is greater, for the counts of money laundering and money laundering conspiracy.
He also faces a maximum penalty of 10 years in prison and a fine of $250,000, or twice the value of the property involved in the transaction, whichever is greater, for the counts of engaging in monetary transactions in property derived from specified unlawful activity.
Sentencing is scheduled for July 7, 2025, in Trenton federal court.
The case was investigated by the FBI’s Cyber Crimes Task Force, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark.
The government is represented by Assistant U.S. Attorneys Lauren Kober of the Organized Crime/Gangs Unit and Peter A. Laserna of the Bank Integrity, Money Laundering, and Recovery Unit in Newark.
Related Federal Cases
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- Billy Le, Bank Robbery, New Jersey 2024 · Massachusetts
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- Ernest Valentine, Conspiracy to Distribute Crack-Cocaine, New Jersey 2023 · Texas
Key Facts
- State: New Jersey
- Category: Cybercrime|White Collar Crime
- Source: DOJ Press Release â†â€â€
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