Nigerian fintech owners bag jail term in US over $167million money laundering
CASE NUMBER 10945:
Nigerian fintech owners bag jail term in US over $167million money laundering

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Alleged Perpetrators(s)
Anslem Oshionebo Opeyemi Odeyale

Location (Town / State)
Texas, USA, n/a

Date of Event
18 Jul 2022

Date of republication
18 July every year


Case category (Choose all that apply)
fraud

Case Summary
Two Nigerian founders of a fintech company were given a 27-month prison sentence by a U.S. court in Texas due to their involvement in funneling $160 million in fraudulent earnings through their company, Ping Express U.S. LLC, to Nigeria.

Full story
The Nigerian fintech executives Anslem Oshionebo and Opeyemi Odeyale pleaded guilty to breaking money laundering laws after moving $167 million to Africa without authorization in less than three years. Oshionebo, the company's CEO, and Oyedale, its COO.
Additionally, it was stated that some of the funds believed to be the profits of online fraud were moved to Nigeria. It went further to state that Aleoghena Okhumale, the company's information technology/business development manager, had also pleaded guilty to intentionally conveying cash that was obtained unlawfully.
Ping Express also admitted that it conducted money transmission business in states in which it was not licensed to do so, including Nevada, New Jersey, Utah, West Virginia, and Connecticut.
Oshionebo and Oyedale received sentences of 27 months in federal prison each, whereas Okhumale received a 42-month sentence. Ping Express, the company, now faces five years of probation and a fine of up to $500,000. Sentencing has been set for December 19, 2022.

Photo Credit: https://newsghana.com.gh/two-nigerian-fintech-executives-jailed-in-us-over-money-laundering/

External links/URLs
https://www.vanguardngr.com/2022/07/nigerian-fintech-owners-bag-jail-term-in-us-over-167million-money-laundering-2/
https://guardian.ng/news/us-fintech-company-executives-convicted-for-160-million-laundered-to-nigeria/



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