Nigerian man Olugbenga Lawal (also called Razak Aolugbengela) was sentenced on Monday to 10 years and one month in jail for conspiring to launder hundreds of thousands stolen from aged victims in web fraud schemes.
Elder fraud (a type of monetary exploitation of adults aged 60 or older) encompasses situations the place their monetary belongings, financial savings, earnings, or private identification information are misused or stolen, ceaselessly with out their express consciousness or consent.
Perpetrators generally make use of deceitful ways to trick their victims, assuming false identities equivalent to authorities officers, faking romantic involvement, or masquerading as buyers, all in an try to deceive and defraud their aged targets.
The FBI mentioned final 12 months that in 2022 alone, aged Individuals filed 88,262 complaints with its Web Crime Criticism Middle, with a cumulative loss amounting to roughly $3.1 billion.
This marked an 84% surge in losses in comparison with figures reported in 2021, with every sufferer incurring common losses surpassing $35,000 and greater than 5,000 victims experiencing losses exceeding $100,000.
Black Axe member
Lawal labored immediately with the Nigeria-based chief of the Nigerian Black Axe organized crime group, one of many world’s most harmful crime syndicates, which he was additionally a member of.
Based on the Justice Division’s press launch, the felony syndicate typically focused aged people who have been nearly at all times underneath the impression that they had developed romantic relationships with people they encountered on-line.
As a substitute, the scammers deceive victims into transferring massive sums of cash underneath numerous pretexts, typically ensuing within the lack of all their life financial savings.
Along with co-conspirators Rita Assane, Dwight Baines, and Michael Hermann, he laundered hundreds of thousands of {dollars} stolen in enterprise e mail compromise and romance scams between January 2019 and June 2020.
“The Defendant’s significance within the felony group is demonstrated by the truth that he obtained cash immediately from defrauded victims in addition to from lower-ranking members of the felony group,” courtroom paperwork learn.
“It’s believed that, as a higher-ranking member of the group, Defendant obtained a ‘reduce’ of the fraudulently obtained proceeds and, after taking that ‘reduce,’ helped to launder the proceeds and repatriate the funds to West Africa largely by buying automobiles with the fraudulent proceeds and transport them abroad to different members of the felony group.”
INTERPOL additionally arrested greater than 70 suspects believed to be members of the Black Axe worldwide crime group in October 2022, with two of them linked to $1.8 million in monetary fraud.
Helped launder no less than $3.6 million
In all, Lawal oversaw deposits totaling greater than $3.6 million throughout numerous financial institution accounts he managed. The stolen funds have been cut up amongst seven distinct financial institution accounts, both in Lawal’s identify or underneath his enterprise entity, Luxe Logistics LLC.
All through his cash laundering actions, Lawal managed accounts at 5 monetary establishments throughout the US.
“The proof additionally confirmed that between Could of 2019 and July of 2020, Defendant opened 9 financial institution accounts in these names, every of which was shut down inside three to 6 months,” based on courtroom paperwork.
“Moreover, Lawal performed a job in laundering cash for the felony group by changing the fraud {dollars} deposited in his accounts into Nigerian forex accessible in Nigeria,” the Justice Division mentioned.
“He engaged in import/export transactions involving the cargo of automobiles to Nigeria and forex change enterprise transactions to facilitate the repatriation of the group’s fraud proceeds again to Nigeria.”
The sentence comes after a federal jury convicted Lawal of conspiring to commit cash laundering on August 10, 2023. Earlier than this, his three co-conspirators (Hermann, Assane, and Baines) additionally pleaded responsible to conspiracy to commit cash laundering.
Moreover his ten years and one-month sentence in jail, the courtroom additionally ordered Lawal to pay over $1.46 million in restitution.
