Nigerian Man Sentenced to 87 Months in Prison Over $1.7 Million Money Laundering Scheme in U.S

A U.S. court has sentenced a Nigerian citizen and three accomplices to prison over their roles in a money laundering network that handled about $1.7 million in proceeds from multiple fr@ud schemes.

The announcement was made by the U.S. Department of Justice on Wednesday through the Office of the U.S. Attorney for the Middle District of North Carolina.

According to court records, Adedayo Fateru, a Nigerian citizen and U.S. permanent resident, conspired with Lisa Farrow, William Atwater, and Victoria Stone to launder money obtained through business email compromise (BEC) scams, fake COVID-19 Economic Injury Disaster Loan (EIDL) applications, fraudulent unemployment benefit claims, altered check schemes, and other wire fraud operations.

Investigators said Farrow recruited Stone and Atwater into the scheme, while she and Fateru instructed them on opening bank accounts and moving stolen funds. The pair also collected portions of the cash withdrawn by the recruits.

Stone reportedly opened 10 bank accounts that received over $1.03 million in fraudulent proceeds and withdrew about $187,375 through hundreds of small transactions. Atwater, who opened several bank accounts, received about $704,320 and withdrew roughly $390,352 through more than 150 transactions aimed at concealing the funds.

Fateru was sentenced to 87 months in prison followed by three years of supervised release. U.S. authorities said he will be transferred to Immigration and Customs Enforcement (ICE) custody for deportation proceedings after completing his prison term.

Farrow received 45 months, Atwater 33 months, and Stone 25 months in prison, with each also receiving supervised release.