Olalekan Jacob Ponle, better known by his online name “Mr. Woodberry,” has pleaded guilty to wire fraud and agreed to forfeit $8 million in revenues, along with a collection of luxurious cars and watches, to U.S. authorities.
At first, Mr. Woodberry, who liked to show off his luxurious lifestyle on Instagram, pleaded not guilty to the eight-count fraud allegation levied against him for participating in a scam known as business email compromise (BEC).
Mr. Woodberry had originally planned to plead not guilty to any of the indictments, but on April 6, he made a plea declaration to the United States District Court for the Northern District of Illinois, Eastern Division, indicating he was changing his mind.
His plea deal demanded that he pay back $8 million in stolen funds from the seven companies who fell for his scam.
According to Mr. Ponle’s signed plea declaration, “Defendant understands 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 offence.”
Mr. Ponle was also requested to sign away his rights to the expensive cars and watches he had hidden in Dubai.
Luxury cars such as the Rolls-Royce Cullinan (VIN: J9153), Lamborghini Urus (VIN: N4973), and Mercedes-Benz G-class (VIN: G68816) are available.
Three pairs of gold and diamond-studded earrings, six gold neck chains, and four Rolex watches were also seized.
Last year, he turned over 151.8 bitcoins to the US authorities (equivalent to almost $6 million), intent on getting every penny back that the Nigerian scammer had stolen.
The arrest of Mr. Ponle in Dubai on June 10, 2020, was made in conjunction with that of Ramon Hushpuppi Abbas, who is already serving an 11-year term for a similar fraud allegation.
Before his arrest in 2020, Mr. Woodberry was notorious for flaunting his ill-gotten fortune on Instagram by posting pictures of himself dressed in expensive designer clothing. His millions of followers had no idea that his lavish lifestyle was supported by cybercrime.
Mr. Woodberry Sentence
On July 11, Mr. Woodberry will find out what will happen to him. He is a friend and accomplice of Ramon “Hushpuppi” Abbas, who is serving an 11-year sentence in a U.S. prison.
