Oluwaseun Adekoya, also known by several aliases including “Ace G.” and “Legendary,” was sentenced to 20 years in federal prison for his role as the leader of a nationwide bank fraud and money laundering conspiracy. The sentencing took place in Albany, New York, following Adekoya’s conviction earlier this year on charges of bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft.
Evidence presented at trial showed that Adekoya operated from his luxury apartment in New Jersey, where he obtained information about individuals’ home equity lines of credit (HELOCs) from credit unions across the United States. He used encrypted messaging platforms such as Telegram to acquire Social Security numbers and other personal data for those with significant HELOC balances. This information was then distributed to managers he recruited nationwide, who oversaw lower-level workers impersonating account holders using fake driver’s licenses to withdraw funds.
Adekoya employed multiple burner phones and encrypted applications to avoid detection. He laundered proceeds through accounts opened under other names and reinvested some of the illicit gains into furthering the scheme by purchasing travel for co-conspirators, fake identification documents, and rental cars.
U.S. District Judge Mae A. D’Agostino described Adekoya as “a perpetual thief” and a “flagrant serial offender” during sentencing, noting his criminal activity began in 2008 when he was 22 years old.
“For nearly two decades, Oluwaseun Adekoya abused the privilege of lawful permanent resident status to steal the identities of innocent Americans so he could live lavishly in our country, without an ounce of remorse,” said Acting U.S. Attorney John A. Sarcone III. “Now he gets to spend two decades in prison, and he deserves every last day of his sentence. I look forward to his subsequent removal from the United States.”
Special Agent in Charge Craig L. Tremaroli stated: “Mr. Adekoya spent almost two decades of his life creating a massive criminal network that stole from hard-working Americans. This sentence ensures he’ll spend the next two decades of his life in federal prison. The FBI is grateful to the numerous law enforcement and banking institution partners who provided the assistance needed to take down Mr. Adekoya and his associates and ensure justice for the victims. We remain deeply committed to using every resource available to investigate and bring to justice any individual or organization focused on defrauding our citizens.”
The investigation began in May 2022 after Broadview Federal Credit Union identified suspicious impersonation transactions at its Capital Region branches and referred them to FBI-Albany. This led authorities to uncover Adekoya’s leadership role in a larger operation involving 13 additional co-conspirators who have since pleaded guilty.
Adekoya was arrested on December 12, 2023; during a search of his residence, agents seized multiple burner phones used for orchestrating crimes along with luxury items such as Rolex watches, a $51,000 Tiffany engagement ring, designer goods, and approximately $26,000 linked to money laundering activities—all forfeited by authorities.
In addition to prison time, Adekoya must serve five years supervised release upon completion of his sentence; pay more than $2.2 million restitution; cover a mandatory special assessment; and faces removal from the United States after serving time.
Other members involved received sentences ranging from time served up to eleven years’ incarceration along with supervised release terms and restitution orders totaling millions of dollars collectively.
The case involved extensive cooperation among various FBI field offices nationwide as well as support from local police departments across several states; agencies such as Immigration and Customs Enforcement (ICE), U.S Department of State Diplomatic Security Service, Social Security Administration Office of Inspector General; U.S Postal Inspection Service; state police departments; sheriff’s offices; district attorney’s offices; among others contributed significantly throughout the investigation process.
Assistant United States Attorneys Benjamin S. Clark, Mathew M. Paulbeck, and Joshua R. Rosenthal prosecuted this case.
