A United States federal court has sentenced Oluwaseun Adekoya, a 40-year-old Nigerian-born resident of New Jersey, to 20 years in prison for masterminding a nationwide bank fraud and identity theft network that targeted home equity lines of credit (HELOCs) across multiple states.
Adekoya — who operated under several aliases including Ace G., Legendary, Santa, Santana, Sammy LaBanco, Sean Maison, and Kiing_maison — was convicted after a three-week trial and sentenced on December 1.
According to the U.S. Attorney’s Office for the Northern District of New York, the scheme came to light in May 2022 when Broadview Federal Credit Union in Albany detected suspicious impersonation transactions and alerted the FBI. Investigators uncovered a sprawling criminal operation led by Adekoya, resulting in the prosecution of 13 co-conspirators who have since pleaded guilty.
Acting U.S. Attorney John Sarcone described Adekoya as a fraudster who “abused the privilege of lawful permanent resident status to steal identities of innocent Americans so he could live lavishly in our country, without an ounce of remorse.”
Prosecutors said Adekoya exploited publicly available financial records to identify HELOC customers with large available balances. Using encrypted platforms such as Telegram, he obtained victims’ personal information — including Social Security numbers, account numbers, and mothers’ maiden names — and distributed these details to managers and field operatives across the U.S.
The operatives, armed with fake driver’s licences, impersonated victims and made fraudulent withdrawals from credit unions. Adekoya allegedly coordinated the network from his luxury New Jersey apartment, using multiple “burner” phones, encrypted apps, and bank accounts opened in other people’s names to conceal his involvement.
When FBI agents attempted to execute a search warrant on December 12, 2023, Adekoya reportedly wiped his primary phone but investigators recovered several other devices along with Rolex watches, a $51,000 Tiffany engagement ring, designer items, and about $26,000 in a laundering account — all of which have been forfeited.
Craig Tremaroli, FBI special agent in charge of the Albany field office, said the convict “spent almost two decades creating a massive criminal network that stole from hard-working Americans.”
During sentencing, U.S. District Judge Mae D’Agostino described Adekoya as “a perpetual thief” and “flagrant serial offender” who has orchestrated increasingly sophisticated financial crimes since 2008.
More than ten co-conspirators have already been convicted in connection with the case.
What Comes Next
In addition to the 20-year prison term, Adekoya will serve five years of supervised release and must pay over $2.2 million in restitution, along with a $1,100 special assessment.
He also faces deportation after completing his sentence.
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