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Nigerian National Pleads Guilty to Laundering Millions in Criminal Proceeds Linked to Romance Scams and Business Email Compromise Schemes
CHARLOTTE, N.C. – Olumide Olorunfunmi, 39, a Nigerian national, appeared in federal court in Charlotte today and pleaded guilty to money laundering conspiracy for laundering millions in criminal proceeds linked to romance scams and business email compromise schemes, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina.
According to documents filed with the court and today’s plea hearing, the scheme caused more than 125 victims to transfer over $4.5 million of proceeds stemming from illegal activities. Two of Olorunfunmi’s co-conspirators, both Nigerian nationals, have also pleaded guilty to federal charges and are awaiting sentencing.
Specifically, Samson Amos, 53, pleaded guilty to conspiracy to operate an unlicensed money transmitting business. Emmanuel Unuigbe, 42, pleaded guilty to money laundering conspiracy and conspiracy to operate an unlicensed money transmitting business.
As Olorunfunmi admitted in court today, from 2020 through 2023, Olorunfunmi conspired with Amos, Unuigbe, and others to launder the criminal proceeds of various illegal activities, including romance scams that typically targeted elderly victims, and business email compromise schemes (BECs).
Court records show that the victims of the schemes were directed to transfer funds into domestic and international bank accounts controlled by Olorunfunmi and his co-conspirators. Upon receiving the fraud proceeds, Olorunfunmi and his co-conspirators transferred the funds to other bank accounts, in the U.S. and overseas.
Olorunfunmi, Amos and Unuigbe profited by keeping a portion of the criminal proceeds obtained through the schemes. They also profited by agreeing to “pay” for the domestic deposits received by others by transferring Nigerian Naira from accounts the co-conspirators controlled in Nigeria to other accounts in Nigeria, based upon a “black market” exchange rate for United States Dollars to Naira.
The charge of money laundering conspiracy carries a maximum sentence of 20 years in prison. A sentencing date has not been set.
In making today’s announcement, U.S. Attorney Ferguson thanked the FBI for the investigation of the case. Assistant U.S. Attorney Daniel Ryan with the U.S. Attorney’s Office in Charlotte is in charge of the prosecution.
BEC schemes, also referred to as “cyber-enabled financial fraud,” are sophisticated scams that often target individuals, employees, or businesses involved in financial transactions or that regularly perform wire transfer payments. Fraudsters are usually part of larger criminal networks operating in the United States and abroad.
Romance scams, on the other hand, involve fraudsters using a fake online identity to gain a victim’s affection and trust, and eventually manipulating and/or stealing from the victim.
Olumide Olorunfunmi, Money Laundering, North Carolina 2023. He faces a maximum sentence of 20 years in prison.
Key Facts
- State: North Carolina
- Category: Cybercrime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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