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Press Release

Miami Man Sentenced to 41 Months in Federal Prison for Operating an Illegal Money Transmitting Business

For Immediate Release
U.S. Attorney's Office, Middle District of Louisiana

United States Attorney Ronald C. Gathe, Jr. announced that Chief Judge Shelly D. Dick sentenced Oluwafemi Osinowo, age 35, of Miami, Florida, to 41 months in federal prison following his conviction for operating an illegal money transmitting business.  The Court further sentenced Osinowo to three years of supervised release following his term of imprisonment.

According to admissions made as part of his guilty plea, from December 2016 to January 2019, Osinowo operated an unlicensed money transmitting business.  He confessed that the business conducted foreign currency exchange business without complying with required federal registration requirements.  During the course of operating the business, money was transmitted from third parties from the Middle District of Louisiana and elsewhere to bank accounts located in Miami, Florida.  Once the money was in the bank accounts in Miami, Florida, an individual acting as an agent of Osinowo’s business wired the money to a bank in Lagos, Nigeria.  Those wire transfers included approximately 51 separate transmissions in the aggregate total of approximately $722,177 dollars. 

This case was investigated by the Federal Bureau of Investigation and was prosecuted by Assistant United States Attorney Jeremy S. Johnson.

Updated June 10, 2024

Financial Fraud