A Maryland resident has been found guilty of money laundering offenses linked to illegal computer intrusions that targeted a victim's 401(k) retirement plan. The conviction was announced by Acting U.S. Attorney Vikas Khanna.
Oladapo Sunday Ogunbiyi, aged 43 from Bowie, Maryland, faced charges including conspiracy to commit money laundering, two counts of money laundering, and two counts of engaging in monetary transactions with property derived from specified unlawful activity. The verdict came after a three-day trial presided over by U.S. District Judge Michael A. Shipp in Trenton federal court.
Court documents and statements reveal that Ogunbiyi collaborated with others to launder funds obtained through unauthorized access to the victim's 401(k) account. The conspirators added another individual's bank account to the victim's 401(k) without consent, designating it for withdrawals. Consequently, $246,390 was transferred to this unauthorized account.
Further instructions were given by Ogunbiyi’s co-conspirator to convert the fraudulent proceeds into cashier’s checks, which Ogunbiyi deposited into business accounts he controlled. He then withdrew these funds through ATM and counter transactions aimed at hiding their origin for personal use.
The charges of money laundering and conspiracy carry potential penalties of up to 20 years imprisonment and fines reaching $500,000 or double the transaction's value, whichever is greater. Engaging in monetary transactions related to unlawful activity could result in a maximum penalty of 10 years imprisonment and fines up to $250,000 or twice the property's value involved in the transaction. Sentencing is set for July 7, 2025.
Special agents from the FBI's Cyber Crimes Task Force were credited by Acting U.S. Attorney Khanna for their role in the investigation under Acting Special Agent in Charge Terence G. Reilly in Newark.
The case is being prosecuted by Assistant U.S. Attorneys Lauren Kober from the Organized Crime/Gangs Unit and Peter A. Laserna from the Bank Integrity, Money Laundering, and Recovery Unit in Newark.
Defense counsel for Ogunbiyi is Jason A. Seidman from Freehold, New Jersey.
