Nigerian “Career Fraudster” Who Stole $2M+ from U.S. Credit Unions While Living Lavishly in New Jersey Jailed 20 Years

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A 40-year-old Nigerian national described by prosecutors as a “perpetual thief” was sentenced Monday to 20 years in U.S. federal prison for masterminding a multi-state bank fraud and money-laundering ring that drained more than $2 million from credit unions nationwide.

Oluwaseun Adekoya, a lawful permanent resident living in a luxury Cliffside Park, New Jersey apartment, orchestrated the elaborate conspiracy from his laptop for over a decade.

Federal authorities say he bought stolen Social Security numbers and personal data on encrypted apps, then dispatched teams of impersonators to withdraw six-figure cash sums from credit-union branches in New York, Virginia, Pennsylvania and beyond—constantly changing locations to stay one step ahead of investigators.

After a three-week jury trial earlier this year, Adekoya was convicted of conspiracy to commit bank fraud, money laundering conspiracy, and multiple counts of aggravated identity theft.

U.S. District Judge Lawrence E. Kahn handed down the maximum 20-year sentence on December 1, 2025, followed by five years of supervised release.

Adekoya was also ordered to pay $2.2 million in restitution, forfeit a $51,000 diamond engagement ring purchased with fraud proceeds, and will face deportation to Nigeria upon release.

“This defendant abused the privilege of living in the United States to victimize financial institutions and ordinary Americans for years,” said U.S. Attorney Carla B. Freedman.

“Today’s sentence sends a clear message that career fraudsters will be held fully accountable.”

Dubbed “Operation Catch Me If You Can” by the FBI and IRS Criminal Investigation, the case exposed how transnational fraud networks continue to exploit U.S. banking systems from inside the country.

Several of Adekoya’s recruited “runners” who carried out the in-person withdrawals have already been sentenced to prison terms ranging from time served to 11 years.