Canada-based Nigerian, Olumide Morakinyo, was on Wednesday sentenced to eight years in prison for conspiracy and money laundering, and is expected to refund $975,863
, Morakinyo conspired with one Lukman Aminu to create illegal accounts for participants in the Texas Employees Retirement System online portal.
The court document revealed that the duo used bank deposit information in the system to re-route pension payment to accounts controlled by Aminu. With the physical debit cards of those accounts, Aminu will withdraw the money and transfer or deposit the cash at Morakinyo’s directions. “This defendant’s scheme and those like it victimize our most vulnerable citizens and cost taxpayers billions each year. Our office will use all of the available legal tools to identify and bring to justice those who commit cyber-enabled fraud and launder the proceeds,” U.S. Attorney Ashley Hoff said.
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