US Court Jails Nigerian Man For 20 Years As Ringleader Of $2m Bank Fraud Scheme

A federal court in the Northern District of New York has sentenced Oluwaseun Adekoya, a 39-year-old Nigerian national and permanent US resident, to 20 years in prison for masterminding a sophisticated $2 million bank fraud and identity theft scheme dubbed “Operation Catch Me If You Can.” The ruling, delivered on Monday by US District Judge Mae A. D’Agostino, also includes five years of supervised release, more than $2.2 million in restitution, and an $1,100 special assessment. Upon completing his sentence, Adekoya will be deported to Nigeria.

Adekoya, operating from a luxury apartment in New Jersey, began the conspiracy in 2008 at age 22 and escalated it over 15 years. Using publicly available data on home equity lines of credit (HELOCs) from credit unions nationwide, he targeted victims with substantial equity. He recruited a network of more than a dozen accomplices through encrypted apps like Telegram, supplying stolen personal details, including Social Security numbers, account information, and mothers’ maiden names, along with fake driver’s licenses for impersonations.

To evade detection:

• Accomplices posed as account holders to withdraw funds at branches, often traveling by bus, rental cars, or flights funded by Adekoya.
• He laundered proceeds through nominee bank accounts, burner phones, and encrypted communications.
• Illicit gains were used to expand the scheme, including producing more fake IDs and funding travel for operatives.

The fraud netted over $2 million, with Adekoya reinvesting portions to expand operations across states.

The scheme unraveled in May 2022 when a federal credit union detected suspicious impersonation withdrawals, prompting an FBI investigation. Agents traced the activity to Adekoya and arrested him on December 12, 2023, during a raid on his apartment. Despite wiping his primary phone, authorities recovered burner devices, luxury items such as Rolex watches, a $51,000 Tiffany ring, designer goods, and $26,000 in laundered funds, all of which were forfeited.

A three-week trial in June 2025 ended with Adekoya’s conviction for bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft. Judge D’Agostino described him as a “perpetual thief and flagrant serial offender.”

Co-Conspirators Prosecuted

The case underscores vulnerabilities in shared-branch credit union networks and the use of digital tools in large-scale fraud. The US Attorney’s Office reaffirmed ongoing efforts to dismantle similar operations.

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