Oluwaseun Adekoya, a 40-year-old Nigerian national and US permanent resident, has been sentenced to 20 years in federal prison for orchestrating a massive bank fraud and identity theft scheme that targeted home equity lines of credit (HELOCs) across the United States. Adekoya, who used aliases like “Ace G,” “Legendary,” and “Sammy LaBanco,” led a network of accomplices who impersonated victims, drained their accounts, and laundered millions.
The scheme, dubbed “Operation Catch Me If You Can,” involved harvesting publicly available data on credit union customers with substantial HELOC balances. Adekoya recruited managers and operatives via encrypted platforms like Telegram, supplying them with stolen identities and fake driver’s licenses to execute withdrawals.
Adekoya’s operation spanned several states, exploiting financial institutions and stealing over $2 million. He used burner phones, encrypted messaging apps, and nominee bank accounts to conceal his involvement and fund the scheme.
US District Judge Mae A. D’Agostino called Adekoya a “perpetual thief” and “flagrant serial offender,” citing his 15-year history of sophisticated fraud. Acting US Attorney John Sarcone condemned Adekoya’s actions, saying he “abused the privilege of lawful permanent resident status to steal from innocent Americans without remorse”.
Adekoya must serve 5 years of supervised release, pay over $2.2 million in restitution, and face deportation after completing his sentence. Thirteen co-conspirators pleaded guilty, receiving sentences ranging from time served to 11 years.
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