News and Press Releases

News and Press Releases

Two sentenced for conspiring to commit
bank fraud, money laundering

FOR IMMEDIATE RELEASE
December 1, 2011


MINNEAPOLIS – Earlier today in federal court, two Twin Cities area men were sentenced
for conspiring to steal money from financial institutions using stolen identities, stolen and
fraudulently created bank accounts, and counterfeit checks. United States District Court Chief
Judge Michael J. Davis sentenced Golden Osagiede, age 41, of Brooklyn Park, and Angelo
Banks, age 48, of Minneapolis, to 33 months in prison on one count of conspiracy to commit
bank fraud and one count of conspiracy to commit money laundering. Both men were indicted,
along with a third co-defendant, on May 17, 2011. Osagiede pleaded guilty on June 30, 2011,
and Banks pleaded guilty on July 27, 2011. In addition, the defendants were ordered to pay
$186,939.70 in restitution.

In his plea agreement, Osagiede admitted that between April and December of 2009, he
conspired to defraud banks. First, the defendants deposited counterfeit checks into bank accounts
they controlled, and then withdrew funds before the counterfeit nature of the checks was
discovered. Second, the defendants obtained access to victims’ bank accounts, and transferred
money from the victims’ bank accounts to the defendants’ accounts. Withdrawals of fraud
proceeds were made in amounts of less than $10,000 per withdrawal in order to avoid a reporting
requirement. The total amount of fraud loss is approximately $250,000, while the amount of
money laundered is approximately $90,000.

In his plea agreement, Banks admitted presenting for payment checks which he knew to be
counterfeit, making withdrawal of fraud proceeds from automatic teller machines, and by
opening bank accounts in the name of non-existent businesses. Banks also admitted that he
received from Osagiede a number of counterfeit checks drawn against the accounts of various
Twin Cities-area health care facilities, which Banks negotiated for cash. The total amount of fraud loss is approximately $250,000, while the amount of money laundered is approximately
$90,000.

On August 3, 2011, the third co-defendant, Iwabi Nephew Oyenowo, age 35, of
Bloomington, pleaded guilty to one count of conspiracy to commit bank fraud and one count of
conspiracy to commit money laundering. A sentencing date for Oyenowo has not been
scheduled. He faces a potential maximum penalty of 30 years in prison for the conspiracy to
commit bank fraud count and 20 years for the conspiracy to commit money laundering count.

A law enforcement affidavit filed in the case indicates that on December 8, 2008, a bank
customer in Florida reported an unauthorized advance on his home equity line of credit.
Subsequently, authorities reportedly discovered that $30,000 had been transferred from the line
of credit to an account in Osagiede’s name and then onto another Osagiede account before being
withdrawn on December 3, 2008. The affidavit also outlines several instances in which
counterfeit checks were purportedly deposited into accounts held by the defendants before those
checks were cashed.

This case is the result of an investigation by the Minnesota Financial Crimes Task Force. It
is being prosecuted by Assistant U.S. Attorney John Docherty.

The Financial Crimes Task Force was established pursuant to state law. It is comprised of
local, state and federal law enforcement investigators, who work to combat the growing trend of
cross-jurisdictional financial crimes. The task force is overseen by an advisory board, also
created under state law.

This law enforcement action is in part sponsored by the interagency Financial Fraud
Enforcement Task Force. The task force was established to wage an aggressive, coordinated and
proactive effort to investigate and prosecute financial crimes. It 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, 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.

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