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Mastermind Behind $2 Million Bank Fraud Ring Convicted

A sophisticated, nationwide bank fraud scheme that stole over $2 million by impersonating individuals across the country has been dismantled with the conviction of its alleged ringleader, Oluwaseun Adekoya, also known as "Ace G." On Thursday, June 26, 2025, a jury found the 39-year-old Cliffside Park, New Jersey, resident guilty of bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft.

The Modus Operandi: How the Scheme Operated
From his luxury apartment, Adekoya orchestrated a complex operation targeting people with substantial home equity lines of credit (HELOCs) at credit unions nationwide. He used encrypted messaging platforms like Telegram to acquire sensitive personal information, including Social Security numbers, account numbers, and mothers' maiden names.

Adekoya then recruited a network of managers across the country. He supplied them with this stolen information and fake driver's licenses for lower-level participants. These individuals would then impersonate the HELOC customers to withdraw funds from their accounts. To evade detection, Adekoya relied on "burner" phones, encrypted messages, and laundered his illicit gains through bank accounts held in other people's names. He even reinvested some of the stolen money into the scheme, covering travel expenses for co-conspirators, purchasing fake IDs, and renting cars for their operations.

A History of Fraud and a Comprehensive Investigation
This wasn't Adekoya's first brush with the law. Since 2008, at the age of 23, he has been convicted of numerous increasingly sophisticated identity-fraud-related felonies. Despite his criminal history, he has remained a Lawful Permanent Resident in the United States and had not been deported.

The investigation into Adekoya's activities began in May 2022, when Broadview Federal Credit Union (formerly CAP COM Federal Credit Union and SEFCU) in Albany, New York, identified a series of impersonation transactions. This led the FBI's Albany Field Office to uncover Adekoya as the mastermind behind the nationwide operation. The investigation also led to the prosecution of 13 additional co-conspirators, all of whom have since pleaded guilty to their roles.

Adekoya's reign ended abruptly with his federal arrest on December 12, 2023. During the arrest, he attempted to wipe the primary phone he used to orchestrate the conspiracy. However, the FBI seized numerous "burner" phones and hundreds of thousands of dollars' worth of luxury items, including Rolex watches, a $51,000 Tiffany engagement ring, designer handbags and shoes, and approximately $26,000 in a bank account used to launder proceeds. These assets have since been forfeited to the government.

What's Next?
Adekoya is scheduled to be sentenced on October 30, 2025, by U.S. District Judge Mae A. D’Agostino. He faces a mandatory minimum of 2 years and a maximum of 32 years in prison, along with restitution, forfeiture of his ill-gotten gains, up to five years of supervised release, and potential deportation after his sentence.

This conviction serves as a stark reminder of the relentless efforts by law enforcement to combat financial fraud and protect hardworking Americans from sophisticated criminal enterprises.

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