How Mr Woodberry Got 8 Years in U.S. Prison for Fraud

Jacob Olalekan Ponle, also known as Mr Woodberry, was sentenced to eight years and three months in U.S. prison for his role in a multimillion-dollar fraud scheme.

iexclusivenews reports that he will also pay $8 million in restitution and be deported to Nigeria after serving his term.

Jacob Olalekan Ponle, or Mr Woodberry, is a Nigerian-born fraudster who was arrested in Dubai in June 2020 along with Ramon ‘Hushpuppi’ Abbas, another notorious scammer. He was extradited to the United States and pleaded guilty to one count of fraud in April 2021.

On July 11, 2021, he was sentenced by Judge Robert Gettleman of the United States District Court for the Northern District of Illinois in Chicago to eight years and three months in prison for his involvement in a multimillion-dollar fraud scheme that targeted businesses and individuals across the world.

The Fraud Scheme

According to court documents, Mr Woodberry and his co-conspirators used various online platforms and social media accounts to impersonate legitimate companies and individuals. They then tricked their victims into sending them money or sensitive information, such as bank account details, login credentials, and personal data.

Some of the methods they used include business email compromise (BEC), romance scams, phishing, spoofing, and money laundering. They also created fake invoices, contracts, and websites to deceive their targets.

The fraud scheme lasted from January to September 2019 and resulted in losses of over $16 million for at least seven victims.

RELATED: Woodberry Millions Up for Grabs – How to Claim Them

The Sentence

Mr Woodberry faced a maximum sentence of 20 years in prison for the fraud charge. However, he reached a plea deal with the prosecutors and agreed to cooperate with the investigation. In exchange, seven other counts against him were dismissed.

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Judge Gettleman considered Mr Woodberry’s cooperation, remorse, and lack of criminal history as mitigating factors in his sentencing. He also noted that Mr Woodberry had a supportive family and a fiancée who is an American citizen.

However, he also emphasized the seriousness of the offense and the harm it caused to the victims. He said that Mr Woodberry’s actions were “greedy” and “selfish” and that he showed no regard for the consequences of his actions.

He ordered Mr Woodberry to pay about $8 million in restitution to the victims within 90 days of his release from prison. He also said that Mr Woodberry has the ability to pay the full amount but waived any interest on it.

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He further ordered Mr Woodberry to surrender himself to the U.S. Marshal Service for transfer to the Federal Correctional Institution in Danbury, Connecticut, where he will serve his sentence. He will be allowed to receive visits from his family members and his fiancée.

After completing his prison term, Mr Woodberry will be deported to Nigeria by the U.S. Immigration and Customs Enforcement (ICE). He will not be allowed to re-enter the United States without permission from the authorities.

The Forfeiture

As part of his plea agreement, Mr Woodberry also agreed to forfeit several assets that he acquired through his fraudulent activities. These include:

– 152 bitcoins worth about $6 million

– One Rolls Royce

– One Lamborghini Urus

– One Mercedes-Benz G-Class AMG G55

– Four Rolex watches

– One Patek Philippe watch

– Three Audemars Piguet watches

– Three gold and diamond-studded rings

– Five gold bracelets and two gold bracelet keys

– Six gold neck chains

– One gold and diamond-studded necklace

– One small gold nugget

– Two bank cards

– About $1,835 in Emirati dirhams

– Approximately $15.45 in South African rands

The prosecutors asked the court to sell the bitcoins after giving a 30 days’ notice to the public for anyone with a legitimate interest in them to file claims. No one appeared to have done so as of the time of Mr Woodberry’s sentencing.

The prosecutors also recommended that the court authorize the Dubai police to dispose of the other items that are still in their custody.

What You Should Know 

Mr Woodberry’s sentencing marks the end of one of the most high-profile fraud cases involving Nigerian nationals in recent years. His accomplice, Hushpuppi, was also sentenced to 11 years in prison by a U.S. court in December 2020 for a similar fraud scheme.

The U.S. authorities have vowed to continue their efforts to combat cybercrime and bring justice to the victims. They have also urged the public to be vigilant and report any suspicious online activities or requests for money or information.