Oluwaseun Adekoya, also known by several aliases including "Ace G." and "Legendary," has been sentenced to 20 years in prison on charges of bank fraud conspiracy, money laundering conspiracy, and identity theft. According to the U.S. Attorney's office, the case, known as Operation Catch Me if You Can, revealed Adekoya's involvement in schemes that defrauded multiple American citizens using their home equity lines of credit (HELOCs).
Convicted after a three-week trial, 40-year-old Adekoya operated from a luxury apartment in New Jersey, using publicly available information to target individuals with substantial HELOCs. He employed encrypted messaging services, including Telegram, to obtain sensitive personally identifying information (PII) such as Social Security numbers and account details. Adekoya then directed a network of accomplices, providing them with fake IDs and coordinating their travel, to impersonate victims and withdraw funds from their credit lines.
U.S. District Judge Mae A. D'Agostino, in handing down the sentence, described Adekoya as a "perpetual thief" and "flagrant serial offender," citing his extensive history of sophisticated felony offenses dating back to 2008. In a press release yesterday, Acting U.S. Attorney John A. Sarcone stated that Adekoya had used his lawful permanent resident status over nearly two decades to steal the identities of Americans for personal gain.
Special Agent in Charge Craig L. Tremaroli of the FBI's Albany Field Office highlighted the impact of Adekoya's crimes and the extensive law enforcement collaboration that led to his apprehension. He stated that Adekoya spent nearly two decades building a criminal network that targeted Americans, and that the sentence ensures he will spend the next 20 years in federal prison. The FBI, together with multiple law enforcement agencies, provided key support that helped dismantle the operation and deliver justice for the victims.
The investigation into Adekoya’s fraudulent activities began in May 2022, after Broadview Federal Credit Union detected unusual transaction activity. Following his arrest on December 12, 2023, authorities seized items including luxury watches, expensive jewelry, and approximately $26,000 in cash connected to the conspiracy. In addition to his prison sentence, Adekoya will face five years of supervised release, restitution payments exceeding $2.2 million, and a special assessment fee, with the possibility of removal from the United States after completing his sentence.
Thirteen individuals who conspired with Adekoya pleaded guilty and received different sentences. The U.S. Attorney's office released a list of these individuals and their sentences, detailing the scope of the scheme and the multi-year, multi-agency investigation that led to their prosecution.
