Olatunde Vincent, Wire Fraud, Conspiracy, Maryland 2023

Baltimore, Maryland – In a federal courtroom yesterday, U.S. District Judge Stephanie A. Gallagher handed down a 50-month sentence to Olatunde Vincent, 35, of Pikesville, Maryland, for his role in a complex fraud scheme.

Vincent was found guilty of conspiracy to commit wire fraud and aggravated identity theft. He was also ordered to pay more than $240,000 in restitution.

The scheme, which unfolded in 2019, involved Vincent and several co-conspirators using false identification documents to open bank accounts. These accounts were used to receive money obtained from victim companies and individuals.

The investigation, led by the Homeland Security Investigations (HSI) Baltimore, revealed that Vincent and his co-conspirators created and used limited liability companies to further hide their identities.

As part of the scheme, Vincent and his co-conspirators made false representations to companies and individuals to induce them to send money to the bank accounts. The victims were deceived through look-a-like email addresses and other fraudulent means into sending money to bank accounts opened and controlled by Vincent and his co-conspirators.

Vincent’s involvement in the scheme involved multiple false representations to financial institutions and the provision of fake documents. After the fraud proceeds were credited to the bank accounts, Vincent and his co-conspirators engaged in multiple transactions with the fraud proceeds, including ATM withdrawals and wire transfers.

Other defendants involved in the scheme include Idowu Raji, Hameed Adesokan, Adewumi Abioye, Lukman Salam, Akolade Ojo, and Damilola Lawal. Raji was sentenced to 94 months in federal prison and ordered to pay $1,793,472 in restitution in May 2022. Adesokan was sentenced to 46 months in federal prison and ordered to pay $2,007,475 in restitution in June 2022.

United States Attorney Erek L. Barron commended the HSI, DSS, the U.S. Department of Labor-OIG, and the U.S. Postal Inspection Service for their work in the investigation. Assistant U.S. Attorney Harry M. Gruber prosecuted the case, and Paralegal Joanna Huber assisted on the case.

Related Federal Cases