By John Ikani
Notorious internet fraudster, Olalekan Jacob Ponle, aka Mr Woodberry, has entered a guilty plea with US authorities, agreeing to surrender $8 million in wire fraud proceeds, as well as luxury cars and watches to a foreign government.
Mr Woodberry was arrested on June 10, 2020, in Dubai, along with Ramon Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge.
Before his arrest, Mr Woodberry was known for showcasing his lavish lifestyle on Instagram, wearing expensive designer clothes and flaunting his ill-gotten wealth to his massive followers, most of whom had no idea that his luxurious lifestyle was funded by cybercrime.
Mr Woodberry had initially pleaded not guilty to the eight-count fraud charge filed against him for his participation in a business email compromise (BEC) scheme.
However, a plea declaration was submitted to the United States District Court of the Northern District of Illinois Eastern Division on April 6, stating that Mr Woodberry has had a change of heart and is now pleading guilty to the first count of the indictment.
The plea agreement requires Mr Woodberry to pay back the $8 million he fraudulently obtained from seven companies that fell for his scam.
The plea declaration signed by Mr Ponle stated that “by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.”
As part of the agreement, Mr Ponle must also surrender his rights to his luxury cars and designer watches, which are believed to be stashed away in Dubai. The high-end automobiles include a Rolls Royce Cullinan with vehicle no J9153, Lamborghini Urus (N4973), and Mercedes-Benz G-class (G68816).
In addition, the authorities seized four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
It’s worth noting that last year, Mr Ponle forfeited 151.8 Bitcoin, which was worth around $6 million, to the US government.
