A Nigerian nationwide, Olumide Bankole Morakinyo was on Wednesday sentenced to eight years in jail and ordered to repay $975,863.
In response to the court docket, the cash, equal to N400 million reimbursement, is in restitution to a number of victims of his conspiracy to commit cash laundering.
Morakinyo, 38, residing in Canada, based on court docket paperwork conspired with Lukman Shina Aminu, a resident of New Hampshire, to create unauthorized accounts for individuals within the Workers Retirement System of Texas (ERS) web portal.
Aminu had been charged in a separate indictment and was sentenced on December 18, 2019, to 51 months in jail.
The doc additional revealed that the duo used Personally identifiable info (PII) of assorted ERS individuals to make modifications to their accounts within the ERS web portal.
Financial institution deposit info on file within the system was modified to re-route retirement funds to debit playing cards managed by Aminu.
Aminu, who possessed the bodily debit playing cards, would withdraw cash underneath directions from his co-conspirator, Morakinyo after which switch or deposit that cash at Morakinyo’s path.
The duo used the debit playing cards for money withdrawals and to buy cash orders for private bills and for purchasing used autos to be shipped abroad to Nigeria and Benin for resale.
The court docket doc additional revealed that the duo, with these worldwide vehicle transactions, Morakinyo and his conspirators laundered the fraud proceeds by concealing the supply of the funds and making the cash look like reliable revenue.
U.S. District Choose Robert Pitman whereas ruling additionally ordered that Morakinyo be positioned on three years of supervised launch after finishing his jail time period.