Federal prosecutors push for 14-year sentence, $8 million restitution in Woodberry’s internet fraud case
Federal prosecutors push for 14-year sentence, $8 million restitution in Woodberry’s internet fraud case
Federal prosecutors have requested a 14-year prison sentence for Olalekan Jacob Ponle, also known as Woodberry, an internet fraudster who defrauded several U.S. companies of $8 million through Business Email Compromises (BEC) between January and September 2019.
The prosecutors are also seeking restitution of $8,038,214.99 to be paid to the victims.
Morris Pasqual, the acting U.S. attorney for the Northern District of Illinois, filed the sentencing recommendation, stating that the proposed sentence aligns with the objectives outlined in 18 U.S.C. § 3553(a).
The prosecutors described Woodberry’s offenses as “serious” and alleged that he attempted to cause significant harm to his victims.
READ ALSO: Woodberry, Hushpuppi’s accomplice admits to fraud charge, gives up $8 million, luxury assets
In April, Woodberry pleaded guilty to eight charges and agreed to forfeit the proceeds of the wire frauds he committed under the alias ‘Mark Kain’. He operated from Dubai, United Arab Emirates, and enlisted the help of at least four money mules.
The prosecutors also recommended the forfeiture of assets held in the custody of the Dubai police, including a Rolls Royce, Lamborghini Urus, Mercedes-Benz G-Class AMG G55, four Rolex watches, one Patek Philippe watch, and three Audemars Piguet watches.
Additionally, Woodberry is to forfeit three gold and diamond-studded rings, five gold bracelets, two gold bracelet keys, six gold neck chains, one gold and diamond-studded necklace, one small gold nugget, two bank cards, approximately $1,835 in Emirati dirhams, and around $15.45 in South African rands.
The prosecutors further recommended the forfeiture of approximately 151.85713138 bitcoin, which represents proceeds traceable to the offense and was transferred to the government on April 14, 2022.
Recall that Woodberry was arrested on June 10, 2020, alongside Hushpuppi, a notorious international scammer who was subsequently sentenced to 11 years in the U.S. for internet fraud.
Known for flaunting his extravagant lifestyle on social media, Woodberry’s crimes have had severe consequences, warranting a significant prison sentence and substantial restitution to the victims.