Security News > 2024 > January > Nigerian gets 10 years for laundering millions stolen from elderly
Nigerian man Olugbenga Lawal was sentenced on Monday to 10 years and one month in prison for conspiring to launder millions stolen from elderly victims in internet fraud schemes.
Lawal worked directly with the Nigeria-based leader of the Nigerian Black Axe organized crime group, one of the world's most dangerous crime syndicates, which he was also a member of.
Together with co-conspirators Rita Assane, Dwight Baines, and Michael Hermann, he laundered millions of dollars stolen in business email compromise and romance scams between January 2019 and June 2020.
The stolen funds were split among seven distinct bank accounts, either in Lawal's name or under his business entity, Luxe Logistics LLC. Throughout his money laundering activities, Lawal managed accounts at five financial institutions across the United States.
"Additionally, Lawal played a role in laundering money for the criminal organization by converting the fraud dollars deposited in his accounts into Nigerian currency accessible in Nigeria," the Justice Department said.
The sentence comes after a federal jury convicted Lawal of conspiring to commit money laundering on August 10, 2023.