ROUND ROCK, Texas (KXAN) — A 37-year-old Round Rock man has been sentenced to more than 10 years in prison and ordered to pay more than $600,000 for his role in a money laundering scheme.
A federal judge sentenced Okanlawon Azeez Egerongbe to 120 months in prison and $633,520 in restitution for laundering millions of dollars from victims in various fraudulent schemes.
In May 2021, Egerongbe pleaded guilty to one count of conspiracy to launder money. According to court records, he knowingly laundered money through various fraudulent schemes, including romance, business, email compromise (BEC), unemployment insurance and scams. investment. The amount of attempted and actual losses from the plot was at least $3.5 million.
To perpetrate the frauds, Egerongbe used fake passports to open several bank accounts in Austin. It would then structure withdrawals into smaller amounts to avoid a transaction reporting requirement, according to a press release. It would then structure withdrawals into smaller amounts to avoid a transaction reporting requirement.
Many victims have faced serious financial hardship because of these schemes.
“My office will continue to pursue fraudsters and identity thieves who use the Internet to prey on vulnerable victims online,” said U.S. Attorney Ashley C. Hoff. “This includes the money launderers who enable these transnational criminal networks to conceal and transfer their ill-gotten gains. The tragic suicide of one of the victims of romance fraud in this case, who suffered betrayal and loss of so much hard-earned money, underlines the real impact of these online scams.
“Let this sentence serve as notice that Homeland Security Investigations (HSI) is committed to actively investigating individuals who prey on the vulnerable to perpetuate financial crimes,” said Acting Special Agent in Charge Craig Larrabee. , HSI San Antonio. “These types of crimes have devastating effects on victims and our financial institutions. HSI will continue to aggressively pursue cybercriminals and financial fraudsters to the fullest extent of the law and will fight to legally recover and return victims’ funds to their rightful owners.
“The United States Postal Inspection Service (USPIS) has a long and proud history of protecting U.S. mail and investigating fraud schemes,” said Scott Fix, Inspector in Charge of the Houston Division of the USPIS. “Okanlawon Egerongbe devised several schemes to defraud innocent people and misused US Postal and Mail Service products to facilitate his crime. Postal inspectors will continue to work with our law enforcement partners, including HSI Austin, to ensure that anyone using US mail for fraudulent financial gain is brought to justice.
HSI and the USPIS investigated the case. Assistant U.S. Attorneys Keith M. Henneke and Michael C. Galdo prosecuted the case.