2023-07-28 DOJ SDNY press_release 116 KB 3,064 chars

Leader Of Money Laundering Operation Sentenced To Three Years In Prison

Caption: United States v. Abraham Adeniyi, et al.

summary

Abraham Adeniyi was sentenced to three years in prison for operating a money laundering scheme that processed nearly $8 million in wire fraud proceeds.

paragraph

Abraham Adeniyi was sentenced by U.S. District Judge Edgardo Ramos to three years in prison for conspiracy to commit money laundering. He orchestrated a scheme that laundered nearly $8 million in proceeds from various wire fraud schemes between 2017 and 2020. Adeniyi was ordered to forfeit and pay restitution in the amount of $7,814,294.56.

narrative

Abraham Adeniyi, 40, of Atlanta, Georgia, was sentenced to three years in prison for operating a money laundering scheme that processed nearly $8 million in wire fraud proceeds. Between 2017 and 2020, Adeniyi used fraudulent identification to open multiple bank accounts and directed the rapid transfer of stolen funds to conceal their source. These funds were ultimately withdrawn as cash, transmitted overseas, or used for his personal expenses. Having previously pleaded guilty to conspiracy to commit money laundering, Adeniyi was also ordered to forfeit and pay restitution totaling $7,814,294.56. The investigation was conducted by the FBI and prosecuted by the U.S. Attorney's Office for the Southern District of New York.

Enriched metadata

Scheme: financial-fraud (85%)
Court: Southern District of New York
Outcome: pleaded
Restitution: $7,814,295

Classified financial-fraud(confidence 85%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 67% / precision 23%. detection rule →

Extracted insights

Dollar amounts 2

$8.00M $8 million $1M–$10M
$7.81M $7,814,294 $1M–$10M

Entities 8

scheme_term $8 million of wire fraud proceeds
person abraham adeniyi
scheme_term conspiracy to commit money laundering
person damian williams
person edgardo ramos
person fraudulent identification information
scheme_term money laundering scheme
person multiple bank accounts

Triples 12

Abraham Adeniyi sentenced to three years in prison
Abraham Adeniyi operated money laundering scheme
Abraham Adeniyi laundered $8 million of wire fraud proceeds
Abraham Adeniyi pled guilty to conspiracy to commit money laundering
Abraham Adeniyi ordered to forfeit and pay restitution $7,814,294.56
Edgardo Ramos sentenced Abraham Adeniyi
Abraham Adeniyi opened and directed opening of multiple bank accounts
Abraham Adeniyi provided fraudulent identification information
Abraham Adeniyi transferred and directed transfer of fraudulent proceeds among bank accounts
Money laundering scheme operated from 2017 through 2020
Abraham Adeniyi is 40 years old, of Atlanta, Georgia
Damian Williams announced sentencing of Abraham Adeniyi

View original DOJ press releasejustice.gov

Extracted body text (3,064c)

Press Release Leader Of Money Laundering Operation Sentenced To Three Years In Prison Friday, July 28, 2023 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced today that ABRAHAM ADENIYI was sentenced today by U.S. District Judge Edgardo Ramos to three years in prison for operating a money laundering scheme that laundered nearly $8 million of wire fraud proceeds. ADENIYI previously pled guilty to conspiracy to commit money laundering. U.S. Attorney Damian Williams said: “Abraham Adeniyi used a web of bank accounts to funnel millions of dollars stolen from fraud victims into his own pockets and the pockets of the fraudsters. He now faces prison time and is required to forfeit his ill-gotten gains.” According to the allegations in the Indictment filed against ADENIYI and other court proceedings: From at least in or about 2017 through at least in or about 2020, ADENIYI opened and directed others to open multiple bank accounts, which received proceeds of various wire fraud schemes. ADENIYI provided his accomplices with fraudulent identification information to open those bank accounts. Upon arrival of the fraudulent proceeds, ADENIYI transferred and directed others to transfer those proceeds rapidly among the various bank accounts controlled by participants in the scheme in order to conceal and disguise the source, location, ownership, and control of the funds. Ultimately, after moving through multiple bank accounts, the funds were withdrawn as cash, transmitted overseas, or used for ADENIYI’s personal expenses. This rapid transfer of funds prevented the banks and the victims from recovering the funds once the underlying frauds were detected. During the course of the scheme, ADENIYI laundered at least nearly $8 million dollars of fraud proceeds. * * * In addition to his prison term, ADENIYI, 40, of Atlanta, Georgia, was ordered to forfeit and pay restitution in the amount of $7,814,294.56. Mr. Williams praised the outstanding investigative work of the Federal Bureau of Investigation. This case is being handled by the Office’s Money Laundering and Transnational Criminal Enterprises Unit. Assistant U.S. Attorney Anden Chow is in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated July 28, 2023 Topic Financial Fraud Component USAO - New York, Southern Press Release Number: 23-272

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