Olayinka Peter Olaseinde, a Nigerian residing in Rhode Island, United States of America, has been convicted for his role in a bank fraud conspiracy that targeted financial institutions in different parts of the country between 2016 and 2020.
According to the information made available on the website of the US Department of Justice, Olaseinde, 42, was convicted at a Camden Federal Court of one count of bank fraud conspiracy and three counts of bank fraud on June 21.
Olaseinde was said to be part of a Nigeria-based multilayered crime syndicate that defrauded institutions based in New Jersey, Pennsylvania, Maryland and Rhode Island during the four-year period.
Based on the evidence presented at trial, Olaseinde’s organisation acquired business cheques stolen from the United States mail, changed the payee names on them to fraudulent names and then deposited them into bank accounts that matched the fake names.
The syndicate also opened credit card and bank accounts using the personal information of their victims, and took cash advances on the fraudulent credit card accounts.
Members of the group withdrew the funds from ATMs and purchased money orders using debit cards associated with the fraudulent accounts.
Among other roles, Olaseinde made deposits of stolen and altered cheques into several of the fraudulent accounts, withdrew funds from the accounts and made purchases.
Each of the four counts Olaseinde was convicted of carries a maximum potential penalty of 30 years in prison and a maximum fine of €0.95 million. He is to be sentenced on October 27.
