Three Nigerian men living in the United States—Olumide Olorunfunmi, Samson Amos, and Emmanuel Unuigbe—are facing a potential combined 60-year prison sentence.
This is after admitting their involvement in a large-scale money laundering scheme tied to romance scams and business email compromise (BEC) fraud.
On Friday, 39-year-old Olorunfunmi pleaded guilty in a Charlotte, North Carolina, federal court to laundering millions obtained through fraudulent schemes that targeted more than 125 victims.
Russ Ferguson, U.S. Attorney for the Western District of North Carolina, confirmed the plea, emphasizing the severe financial losses suffered by unsuspecting victims.
Court documents reveal that between 2020 and 2023, Olorunfunmi conspired with Amos, 53, and Unuigbe, 42, to execute an elaborate fraud scheme.
Their tactics included deceiving elderly individuals through romance scams and manipulating businesses via BEC fraud.
Victims were tricked into transferring funds into accounts controlled by the group, after which the money was funneled through multiple bank accounts in the U.S. and abroad to obscure its origins.
Two additional co-conspirators have also pleaded guilty and await sentencing.
Amos admitted to operating an unlicensed money-transmitting business, while Unuigbe pleaded guilty to charges of money laundering conspiracy and running an unlicensed money-transmitting operation.
Investigations revealed that the trio profited by pocketing a share of the illicit funds and engaging in illegal currency exchanges, converting U.S. dollars into Nigerian Naira at black market rates.
The money laundering conspiracy charge carries a maximum prison sentence of 20 years for each defendant, though no sentencing date has been set.
BEC fraud is a cyber-enabled financial scam in which criminals gain unauthorized access to business email accounts or create fake ones to impersonate executives or employees.
They then send fraudulent wire transfer instructions, tricking companies into sending money to accounts controlled by scammers.
Once received, the funds are quickly moved across different accounts, making recovery difficult.
Romance scams, another key tactic in this case, involve fraudsters assuming fake identities online to build trust with victims before fabricating financial emergencies to solicit money.
These schemes often target vulnerable individuals.
Robert M. DeWitt, Special Agent in Charge of the FBI in North Carolina, praised investigators for dismantling the fraudulent operation.
He also reaffirmed law enforcement’s commitment to combating sophisticated financial crimes. U.S.
Attorney Ferguson also commended the FBI’s role in exposing the scam. The case is being prosecuted by Assistant U.S. Attorney Daniel Ryan.