Bank Fraud Conspiracy Rocks South Jersey and Southeastern Pennsylvania
A massive bank fraud conspiracy has been brought to justice, with a Pennsylvania man admitting his role in the scheme. Olugbenga Oyedele, 48, of Collingdale, Pennsylvania, pleaded guilty to one count of conspiracy to commit bank fraud before U.S. District Judge Noel L. Hillman on June 1, 2022.
According to documents filed in the case, Oyedele was part of a multi-defendant, Nigerian-based, multi-layered criminal organization that engaged in the bank fraud conspiracy from June 2016 to June 2020. The group targeted 12 financial institutions in southern New Jersey and southeastern Pennsylvania, resulting in losses of approximately $6 million.
The conspiracy involved stealing business checks from the mail, altering the payee information, and depositing the checks into bank accounts opened with forged foreign passport documents and fraudulent U.S. visas. The defendants would then withdraw the funds from ATMs or purchase money orders using debit cards associated with the fraudulent accounts.
Oyedele admitted to using several false identities to open fraudulent bank accounts and making several deposits to and withdrawals from the accounts. He faces a maximum penalty of 30 years in prison and a maximum fine of $1 million.
The investigation into the bank fraud conspiracy was a joint effort between the U.S. Postal Inspection Service, Homeland Security Investigations, and the U.S. Department of State’s Diplomatic Security Service.
Olugbenga Oyedele, 48, Defendant/Respondent
Exact Criminal Charges: Conspiracy to Commit Bank Fraud
City and State: Camden, New Jersey
Exact Date: June 1, 2022 (sentencing)
Sentence or Outcome: Pleaded guilty, awaiting sentencing
Dollar Amounts: $6 million in losses
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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