News and Press Releases

News and Press Releases

Federal jury convicts two, acquits two in $50 million bank fraud conspiracy

FOR IMMEDIATE RELEASE
February 28, 2012


MINNEAPOLIS – Earlier today in federal court, a jury found two more individuals
guilty of participating in a $50 million bank fraud conspiracy that featured a network of bank
employees and others. The fraud scheme at the center of this case was carried out in Minnesota,
California, Massachusetts, Arizona, New York, and Texas during a five-year period between
2006 and 2011. The other two defendants at trial were acquitted of all charges.

Through the fraud, the co-conspirators obtained or attempted to obtain well in excess of
$50 million. The financial institutions victimized include American Express, Associated Bank,
Bank of America, Capital One, Guaranty Bank, JP Morgan Chase Bank, TCF Bank, US Bank,
Wachovia Bank, Washington Mutual, and Wells Fargo Bank. The case resulted from an ongoing
investigation, dubbed Operation Starburst, and led by the Minnesota Financial Crimes
Task Force. That task force was established pursuant to state law and is comprised of local,
state, and federal law enforcement investigators who work to combat the growing trend of
cross-jurisdictional financial crimes.

Following the recent three-week trial, Julian Okeayaninneh, age 43, of Colton,
California, was convicted of one count of bank fraud conspiracy, 11 counts of bank fraud, six
counts of mail fraud, two counts of wire fraud, four counts of aggravated identity theft, one
count of money laundering conspiracy, and one count of trafficking in false authentication
features. Olugbenga Temidago Adeniran, age 35, of Minneapolis, was convicted of one count of bank fraud conspiracy, four counts of bank fraud, and four counts of aggravated identity
theft.

The jury acquitted Nana Bempah Osei-Tutu, age 36, of Minneapolis. Osei-Tutu, a
banker, had been charged with one count of bank fraud conspiracy, two counts of bank fraud,
and three counts of aggravated identity theft. Another banker, Fata Leeta Sarnor David, age 39,
of Minneapolis, also was acquitted of all charges. She had been charged with one count of bank
fraud conspiracy, two counts of bank fraud, and two counts of aggravated identity theft.

After the jury returned its verdict, Louis Stephens, Special Agent in Charge of the local
office of the U.S. Secret Service, said, “For more than two years, this investigation has been the
number one priority of the Secret Service here in Minnesota through our partnership with the
Minnesota Financial Crimes Task Force. It’s been our number one priority because the case has
a tremendously high economic and community impact. The criminal conspiracy dismantled was
adept at avoiding detection and successful at exposing weaknesses in our nation’s financial
institutions through its use of bank insiders and its success in identity theft.”

The evidence presented at trial proved that from 2006 through March of 2011, coconspirators
and others worked through a network of conspirators to buy and sell stolen
identification information that was ultimately used to open fraudulent bank and credit card
accounts, apply for bank loans, and obtain cash. They then drafted checks against the fraudulent
bank accounts and altered checks for deposit into those accounts. They also acquired cash from
the fraudulent credit card accounts and used the false credit cards to purchase merchandise. In
addition, they co-opted other people’s home equity lines of credit without their knowledge or
consent and used them for personal benefit.

To further the fraud, the co-conspirators recruited and transported others to conduct
bank transactions, including deposits and withdrawals. Moreover, they recruited bank
employees in Minnesota and elsewhere to assist in their scheme.

“This wide spread criminal conspiracy had tentacles reaching throughout Minnesota and
the United States as well as other parts of the world,” said Special Agent in Charge Stephens.
“These criminals and others like them exploit a tremendous advantage in that they are not
limited to local, state, or national boundaries, like law enforcement must face. The model used
by the Minnesota Financial Crimes Task Force — bringing together investigators and analysts
from local, state, and federal agencies—leveled the playing field for us.”

The Financial Crimes Task Force includes participants from the U.S. Secret Service, the
U.S. Postal Inspection Service, U.S. Immigration and Customs Enforcement’s Homeland
Investigations, the Internal Revenue Service-Criminal Investigations Division, the Social
Security Administration, the U.S. Department of Treasury, the Edina Police Department, the
Wright County Sheriff’s Office, the Ramsey County Sheriff’s Office, the Minneapolis Police
Department, the U.S. Treasury Department-Office of Inspector General, the Federal Deposit
Insurance Corporation-Office of Inspector General, and the Minnesota Bureau of Criminal
Apprehension. In this case, the task force was assisted by the Eau Claire, Wisconsin, Police
Department, the Las Vegas Metropolitan Police Department, as well as other law enforcement agencies across the country. Along with the U.S. Secret Service and the Financial Crimes Task
Force, the IRS-Criminal Investigations Division was particularly instrumental in the
prosecution of this case.

The indictment filed in this case outlined many overt acts committed by the defendants
in furtherance of this fraud scheme. For example,

* Between March of 2006 and December 17, 2010, Okeayainneh possessed, stored, and
trafficked more than 8,700 stolen identification documents, means of identifications, bank
account numbers, and other information for the benefit of the network, with the intent being to
commit fraud.

* From 2009 through January of 2010, as part of this conspiracy, Adeniran obtained cash and
purchased merchandise from banks as well as from the Mall of America and Southdale Mall,
using fraudulent credit cards.

For their crimes, the defendants found guilty at trial face a potential maximum penalty
of 30 years in prison on the bank fraud conspiracy charge, 30 years on each bank fraud count,
30 years on each mail fraud count, 30 years on each wire fraud count, 20 years on each money
laundering count, 15 years on the charge of trafficking in false authentication features, and a
consecutive mandatory minimum penalty of two years in prison for each count of aggravated
identity theft. United States District Court Chief Judge Michael J. Davis will determine their
sentences at a future hearing, not yet scheduled.

Prior to trial, six co-defendants in this case pleaded guilty in connection to this
conspiracy. As with those convicted today, Judge Davis will also determine the sentences of the
six co-defendants.

On January 6, 2012, Charles Tubman Dwamina, age 47, of Lino Lakes, pleaded guilty
to one count of aiding and abetting bank fraud. For his crime, he faces a potential maximum
penalty of 30 years.

On December 19, 2011, Jude Obira Okafor, age 45, of Fridley, pleaded guilty to one
count of aiding and abetting bank fraud. He faces a potential maximum penalty of 30 years.

On September 6, 2011, Sundayga Dexter Roberts, age 48, of Brooklyn Park, pleaded
guilty to one count of aiding and abetting bank fraud and one count of aiding and abetting
aggravated identity theft. For his crimes, Roberts faces a potential maximum penalty of 30
years on the bank fraud charge and a consecutive mandatory minimum penalty of two years on
the aggravated identity theft charge.

On August 15, 2011, Fawsiyo Hassan Farah, age 43, also of Brooklyn Park, pleaded
guilty to one count of aiding and abetting bank fraud and one count of aiding and abetting
aggravated identity theft. She was charged in a superseding indictment on June 7, 2011. She
faces a potential maximum penalty of 30 years for bank fraud and a consecutive mandatory
minimum penalty of two years for aggravated identity theft.

On July 26, 2011, Adetokunbo Olubunmi Adejumo, age 34, of Osseo, pleaded guilty to
one count of aiding and abetting bank fraud and one count of aiding and abetting aggravated
identity theft. He faces a potential maximum penalty of 30 years on the bank fraud charge and a
consecutive mandatory minimum penalty of two years on the aggravated identity theft charge.

On June 14, 2011, Jonathan Sie Earley, age 49, of Brooklyn Center, pleaded guilty to
one count of aiding and abetting bank fraud and one count of aggravated identity theft. He faces
a potential maximum penalty of 30 years on the bank fraud charge and a consecutive mandatory
minimum penalty of two years on the aggravated identity theft charge.

The remaining three co-defendants in this case are fugitives. They include Charles
Amankwah Akuffo, age 31, no known address; Oladipo Sowunmi Coker, age 30, of
Minneapolis; and Betty White, of Los Angeles, California. Akuffo was charged with one count
of bank fraud conspiracy, three counts of bank fraud, and three counts of aggravated identity
theft. Coker was charged with one count of bank fraud conspiracy, 11 counts of bank fraud,
seven counts of mail fraud, six counts of aggravated identity theft, and one count of money
laundering conspiracy. White was charged with one count of bank fraud conspiracy, five counts
of bank fraud, and one count of aggravated identity theft.

The financial institutions victimized in this case provided extensive cooperation and
assistance throughout the course of the investigation.

The case was prosecuted and tried by Assistant U.S. Attorneys Ann M. Anaya and Lola
Velazquez-Aguilu.

In separate but related cases—

On June 7, 2011, Borode Ayinde Akinropo pleaded guilty to one count of bank fraud
and one count of aggravated identity theft. Akinropo was charged on March 30, 2011. For his
crimes, he faces a potential maximum penalty of 30 years for bank fraud and a consecutive
mandatory minimum penalty of two years for aggravated identity theft.

On March 24, 2011, Chidi David Egbujor pleaded guilty to one count of bank fraud and
one count of aggravated identity theft. He was indicted on January 11, 2011. He faces a
potential maximum penalty of 30 years for bank fraud and a consecutive mandatory minimum
penalty of two years for aggravated identity theft.

On March 1, 2011, Jaime Jean Brynteson pleaded guilty to one count of bank fraud and
one count of aggravated identity theft. She was charged on February 16, 2011. For her crimes,
Brynteson faces a potential maximum penalty of 30 years in prison on the bank fraud charge
and a consecutive mandatory two-year minimum penalty on the charge of aggravated identity
theft.

On January 24, 2011, Angela Kay Grigsby pleaded guilty to one count of bank fraud
and one count of aggravated identity theft. She was charged on January 12, 2011. She faces a potential maximum penalty of 30 years in federal prison on the charge of bank fraud and a
consecutive mandatory two-year minimum penalty on the charge of aggravated identity theft.

On October 28, 2010, Kabaso Manda pleaded guilty to one count of aggravated identity
theft and one count of access device fraud. He was charged on October 1, 2010. For his crimes,
Manda faces a potential maximum penalty of 10 years in federal prison on the charge of access
device fraud and a consecutive mandatory two-year minimum penalty on the aggravated
identity theft charge.

On October 10, 2010, Oluwaleye Matthew Oluwatula pleaded guilty to one count of
conspiracy to commit mortgage fraud and one count of aggravated identity theft. He was
charged on July 30, 2010. For his crime, Oluwatula faces a consecutive mandatory minimum
sentence of two years in prison for aggravated identity theft and a potential maximum sentence
of 30 years for mortgage fraud.

On December 14, 2011, Michael Kweku Asibu pleaded guilty to one count of bank
fraud and one count of aggravated identity theft. He was charged on November 23, 2011. Asibu
faces a potential maximum penalty of 30 years for bank fraud and a consecutive mandatory
minimum penalty of two years for aggravated identity theft.

On June 30, 2011, Atina Marie Nelson pleaded guilty to one count of bank fraud. She
was charged on June 3, 2011. Nelson faces a potential maximum penalty of 30 years.

On February 12, 2012, Okwuchukwu Emmanuel Jidoefor, of Fridley, pleaded guilty to
one count of aiding and abetting bank fraud. He was charged on December 30, 2011. For his
crime, Jidoefor faces a potential maximum penalty of 30 years.

On August 3, 2011, Iwabi Oyenowo pleaded guilty to one count of conspiracy to
commit bank fraud and one count of conspiracy to commit money laundering. He faces a
potential maximum penalty of 30 years for conspiracy to commit bank fraud and up to 20 years
for conspiracy to commit money laundering.

On November 6, 2009, Robert Demetrius Johnson was sentenced to time served and
five years of probation on one count of bank fraud conspiracy.

On September 8, 2011, Aiesha Matthews was sentenced to five years of probation on
one count of wire fraud.

On December 1, 2011, Golden Osagiede, age 41, of Brooklyn Park, was sentenced to 33
months in federal prison on one count of conspiracy to commit bank fraud and one count of
conspiracy to commit money laundering.

On December 1, 2011, Angelo Banks, age 48, of Minneapolis, was sentenced to 33
months in federal prison on one count of conspiracy to commit bank fraud and one count of
conspiracy to commit money laundering.

On November 19, 2010, Jose Caballero Pinelo was sentenced to 21 months in federal
prison on one count of possession of document making implements.

On February 4, 2010, Roland Pour was sentenced to 25 months in federal prison on one
count of false claims.

Of the 27 co-conspirators named in this release, 22 were prosecuted by Assistant U.S.
Attorney Ann Anaya, with Assistant U.S. Attorney Lola A. Velazquez-Aguilu serving as cocounsel
for trial; three co-conspirators were prosecuted by Assistant U.S. Attorney John F.
Docherty, one co-conspirator was prosecuted by Assistant U.S. Attorney Erika R. Mozangue,
and one was prosecuted by a former Assistant U.S. Attorney.

This law enforcement action is also part of a national interagency Financial Fraud
Enforcement Task Force. The task force was established to encourage an aggressive,
coordinated, and proactive effort in investigating and prosecuting 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, commit to a
powerful array of criminal and civil enforcement resources to combat financial crimes. The task
force continues to work 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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