PITTSBURGH, PA — A resident of Houston, Texas, has pleaded guilty in federal court to charges of violating federal money laundering laws. United States Attorney Eric G. Olshan announced the plea on Thursday, January 4, 2024.
Oluseyi Jeremiah Olagoke Adebayo, 48, admitted to one count of conspiracy to commit money laundering spanning from June 2022 through October 2022 before United States District Judge Robert J. Colville.
As part of the guilty plea, the court was informed that a company based in the Western District of Pennsylvania fell victim to a business email compromise. This led to the fraudulent transfer of over $420,000 into a bank account that Adebayo had opened using a false name and a counterfeit Solomon Islands passport.
To conceal the origins of the illicit funds, Adebayo established shell companies under fabricated names, and opened bank accounts for these entities also using pseudonyms. He then moved portions of the fraudulently obtained funds from the victim company into these accounts, from which he made additional transfers and issued bank checks.
Judge Colville has scheduled the sentencing for May 7, 2024. The law stipulates a maximum total sentence of no more than 20 years, a fine not exceeding $500,000, or both. However, the actual sentence will be determined based on the severity of the offenses and any prior criminal history of the defendant, if applicable. Pending sentencing, Adebayo remains in detention.
Assistant United States Attorney Mark V. Gurzo is prosecuting the case on behalf of the government, representing yet another stride in the ongoing efforts to combat financial crimes.
The investigation leading to Adebayo’s prosecution was conducted by the Federal Bureau of Investigation and Homeland Security Investigations, highlighting the vital role of these agencies in upholding the integrity of the nation’s financial systems.
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