A Maryland resident has been found guilty of money laundering offenses linked to illegal computer intrusions targeting a victim's 401(k) retirement plan, as announced by Acting U.S. Attorney Vikas Khanna.
Oladapo Sunday Ogunbiyi, aged 43 from Bowie, Maryland, faced conviction on charges including conspiracy to commit money laundering, two counts of money laundering, and two counts of engaging in monetary transactions with property derived from unlawful activities. The verdict was delivered by a jury after a three-day trial overseen by U.S. District Judge Michael A. Shipp at the Trenton federal court.
Court documents and statements revealed that Ogunbiyi collaborated with others to launder funds obtained through unauthorized access to a victim's 401(k) account. The conspirators added another individual's bank account to the victim's account without consent or knowledge. This account was then used for withdrawals amounting to $246,390.
The fraud proceeds were converted into cashier’s checks by Ogunbiyi’s co-conspirator and given to him. Ogunbiyi deposited these checks into business accounts he controlled and withdrew the funds through ATM and counter transactions aimed at concealing their origin for personal use.
Each count of money laundering and conspiracy carries a potential penalty of up to 20 years in prison and fines reaching $500,000 or twice the transaction value involved. The charges related to engaging in monetary transactions carry penalties of up to 10 years in prison and fines up to $250,000 or double the transaction value involved. Sentencing is set for July 7, 2025.
Acting U.S. Attorney Khanna acknowledged the efforts of FBI special agents, particularly those from the Cyber Crimes Task Force led by Acting Special Agent in Charge Terence G. Reilly in Newark, for their role in the investigation leading to these charges.
The prosecution team includes Assistant U.S. Attorneys Lauren Kober from the Organized Crime/Gangs Unit and Peter A. Laserna from the Bank Integrity, Money Laundering, and Recovery Unit based in Newark.
Defense counsel: Jason A. Seidman, Esq., Freehold, New Jersey