A Maryland man was indicted on money laundering charges in early June after he and accomplices allegedly hacked into the 401k account of an employee at a New Jersey-based company.
“He withdrew the funds in a series of ATM and counter withdrawals designed to conceal the source of the money, which he used for personal expenditures.”
Oladapo Sunday Ogunbiyi, 40, of Greenbelt, Maryland, is charged with one count of conspiracy to commit money laundering, two counts of money laundering, and two counts of engaging in transactions in property derived from criminal activity.
According to documents filed in the case and statements made in court, Ogunbiyi conspired with others to launder funds obtained through an unlawful computer fraud scheme in which they obtained unauthorized access to a 401k account.
They then added a bank account belonging to another individual to the victim’s 401k account without the victim’s knowledge or authorization. It was designated as the account to receive withdrawals from the victim’s 401k account, and a total of $246,390 was transferred to the unauthorized bank account.
Ogunbiyi and others then directed the fraud proceeds to be converted into cashier’s checks. He then deposited the cashier’s checks into bank accounts under his control and withdrew the funds in a manner designed to conceal the source of the money, which he used for personal expenditures.
The counts of money laundering and money laundering conspiracy carry a maximum penalty of 20 years in prison and a fine of $500,000, or twice the value of the property involved in the transaction, whichever is greater, the statutes read.
The counts of engaging in transactions in property derived from criminal activity carry a maximum penalty of 10 years in prison and a fine of $250,000, or twice the value of the property involved in the transaction, whichever is greater.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
