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Oluwaseun Adekoya, also known by several aliases including Ace G., Broda, Legendary, and Santana, has been sentenced to 20 years in federal prison for leading a nationwide bank fraud and money laundering network that stole and laundered more than $2 million across the United States. The 40-year-old Nigerian national living in New Jersey was convicted earlier this year on charges of bank fraud conspiracy, money laundering conspiracy, and aggravated identity theft.
According to U.S. prosecutors, Adekoya operated the criminal enterprise from his luxury apartment, using publicly available financial data to target victims with large home equity lines of credit (HELOCs). He acquired sensitive personal information such as Social Security numbers and account details through encrypted platforms like Telegram. He then distributed this information to managers and recruited operatives who used fake driver’s licenses to impersonate victims and withdraw funds from credit unions across different states.
Investigators said Adekoya used burner phones, encrypted messaging apps, and bank accounts in other people’s names to conceal his operations. He reinvested part of the stolen funds into fake IDs, rental cars, travel arrangements, and logistics to support his workers. In December 2023, when FBI agents attempted to execute a search warrant at his apartment, Adekoya wiped his primary phone but investigators still recovered multiple burner phones, luxury watches, designer handbags, and thousands of dollars linked to the fraud.
Judge Mae A. D’Agostino described Adekoya as a perpetual thief and serial offender with a criminal record dating back to 2008. In addition to the 20-year sentence, he must serve five years of supervised release, pay more than $2.2 million in restitution, forfeit assets, and will face removal from the United States after completing his sentence.
Thirteen other conspirators across multiple states also pled guilty and received various prison terms and restitution orders. The case was investigated by FBI-Albany with support from several law enforcement agencies nationwide.
