Conspirator in a Sophisticated Bank Fraud Scheme Convicted by a Federal Jury
Recruited Bank Employees and College Students to Participate in the Scheme
Greenbelt, Maryland - A federal jury convicted Bolarinwa Adeyale, a/k/a “Bola,” age 23, of Greenbelt, Maryland, late on February 27, 2012, of conspiracy to commit bank fraud, two counts of bank fraud and aggravated identity theft.
The conviction was announced by United States Attorney for the District of Maryland Rod J. Rosenstein; Postal Inspector in Charge Daniel S. Cortez of the U.S. Postal Inspection Service - Washington Division; and Special Agent in Charge David Beach of the United States Secret Service – Washington Field Office.
According to evidence presented at the five day trial, in the fall of 2007 Adeyale; Okechukwo Otuya a/k/a Oke and Waffi; Oluwadamilola Feyisetan, a/k/a Dami (Dami); Adeniyi Adebiyi, a/k/a Niyi (Niyi); Alexander Diya and others devised a scheme to defraud Bank of America by depositing stolen credit card convenience checks into legitimate Bank of America accounts and withdrawing the money before the bank learned that the checks were not authorized. Adeyale, Otuya and Dami were among the leaders in the scheme. Adeyale, Otuya, Dami and Niyi obtained the convenience checks by stealing them from homeowners’ mailboxes in Montgomery, Howard and Prince George’s Counties. Adeyale and others recruited college students to permit the use of the students’ bank account (the “compromised accounts”) to deposit stolen credit card convenience checks and make cash withdrawals from the account after the checks cleared. Adeyale and others also recruited bank employees to provide account information for “high end” bank customers, including the account name and numbers, customer’s signature cards or previously negotiated checks with appropriate signatures, and the customer’s address. Adeyale and others then used that information to create fraudulent checks for those accounts.
According to trial evidence, as a result of the scheme, the total amount of fraudulent deposits made by the conspirators from over 50 compromised bank accounts is $1,210,017.14. The actual loss to Bank of America is $611,140.05.
Adeyale faces a maximum sentence of 30 years in prison for the bank fraud conspiracy and for each of the two counts of bank fraud. Additionally, Adeyale is subject to two years in prison, consecutive to any other sentence imposed, for aggravated identity theft. Adeyale was acquitted of one additional count of bank fraud. Chief U.S. District Judge Deborah K. Chasanow scheduled sentencing for Adeyale on May 21, 2012, at 1:30 p.m.
Oluwadamilola Feyisetan, a/k/a Dami, a/k/a Lola (Dami), age 24, of Laurel; Alexander Diya; and Malia Forrester, age 31, of Millersville, Maryland have pleaded guilty to their participation in the scheme and are awaiting sentencing. Adeniyi Adebiyi, a/k/a Niyi, a/k/a Mike (Niyi), age 28, of Upper Marlboro, Maryland, also pleaded guilty and was sentenced to four years in prison and ordered to pay restitution of $148,000. Okechukwo Otuya, age 31, of Laurel, Maryland, was sentenced to eight years in prison and was ordered to pay restitution, with the exact amount to be determined.
In addition, co-conspirators Charles G. Richardson, Jr., age 26, of Capitol Heights, Maryland; Kennika Freeman, age 23, of Greenbelt; Alexander Omotomiwa Diya, age 25, of Bowie, Maryland; Taiwo Akinyeke, age 28, of Laurel, Maryland; and Oladipo Ayodeji, age 23, of Bowie, have all pleaded guilty to their roles in the scheme and are awaiting sentencing.
This law enforcement action is part of President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.
United States Attorney Rod J. Rosenstein thanked U.S. Postal Inspection Service and Secret Service for their work in the investigation. Mr. Rosenstein praised Assistant U.S. Attorneys Jonathan Lenzner and Robert Hur, who are prosecuting the case.