The Federal Bureau of Investigations (FBI) has revealed how Hushpuppi’s associate, Olalekan Jacob Ponle aka Woodberry defrauded a US company.
Recall that the FBI arrested Woodberry alongside Hushpuppi on the 10th of June. Both have been moved to a US prison where they face possible 20 years jail time.
According to an affidavit filed against Woodberry, FBI revealed that a part of the money gotten from the scams between January to September 20019 is hidden in a Bitcoin (BTC) wallet.
FBI further stated that Woodberry arranged Business Email compromise (BEC) schemes aiming accounts through the aid of computer intrusion techniques to initiate unauthorized transfer of funds from victim firms.
This is what led to the loss of $2,300,000 by a Chicago company. While another company was scammed by transferring a total of $15,268,000 which was stashed away in a BTC wallet.
“Preliminary blockchain analysis indicates that PONLE received at least 1,494.71506296 bitcoin related to these BEC schemes, valued at approximately $6,599,499.98,” the affidavit read.
“These schemes resulted in attempted and actual losses to victim companies in the tens of millions. PONLE directed money mules in the US to open bank accounts in the names of victim companies.
“Proceeds from BEC schemes, ranging from hundreds of thousands of dollars to millions of dollars, were then wired by unwitting employees to the bank accounts opened by PONLE’s mules.
“PONLE then instructed the mules to convert the proceeds to Bitcoin and to send the proceeds of the BEC schemes to a bitcoin wallet that he owned and operated.”
Woodberry will appear in court on the 9th of July for his hearing.
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