- Olalekan Jacob Ponle, also known as Woodberry, pleads guilty in a US court, forfeiting $8 million; parallels Nigeria’s President-elect Bola Tinubu, who forfeited $460,000 in 1993.
- Woodberry faced an eight-count fraud charge for a business email compromise (BEC) scheme; required to repay $8 million and relinquish luxury assets, including vehicles and watches.
- Woodberry’s arrest occurred alongside notorious fraudster Hushpuppi, who is currently serving an 11-year sentence for a similar fraud charge.
In a surprising turn of events, Olalekan Jacob Ponle, better known as Woodberry, pleaded guilty in a US court and forfeited $8 million to the United States government. This case bears a striking resemblance to Nigeria’s President-elect Bola Tinubu, who forfeited $460,000 to the US in 1993 for his involvement in narcotics trafficking and financial transactions in violation of US laws.
Woodberry faced an eight-count fraud charge related to a business email compromise (BEC) scheme in the United States District Court of the Northern District of Illinois Eastern Division. Initially, Woodberry had entered a not guilty plea. However, on April 6, court documents revealed that he had changed his plea to guilty for count one of the indictments.
As part of his plea agreement, Woodberry is required to repay the $8 million he fraudulently obtained from the seven companies that fell victim to his scam. Additionally, he must relinquish his rights to luxury vehicles and designer watches stored in Dubai, including a Rolls Royce Cullinan, a Lamborghini Urus, and a Mercedes-Benz G-class, as well as four Rolex watches, a Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
Woodberry was arrested in Dubai on June 10, 2020, alongside Ramon Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge.
Prior to his arrest, Woodberry was known for showcasing his opulent lifestyle on Instagram, unbeknownst to his followers that his luxurious lifestyle was funded by cybercrime.
Source: People Gazette
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