Two Nigerian Fintech Executives Jailed in The US For Money Laundering
- Two Nigerians who operate financial technology company in the US have jailed over money laundering
- According to a US court in Texas, the duo helped to launder about $167 million back to Nigeria and other African countries without due diligence
- The court stated that the two co-founders also used their company to carry out currency exchange activities against what they were licensed for
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A Texas court in the US has jailed two Nigerian co-founders of a fintech firm to 27 months in prison for their role in helping to launder $160 million to Nigeria via their company, Ping Express US LLC.
In a statement by the US Department of Justice, last week, the company admitted it did not maintain enough anti-money laundering and unlicensed money transmission checks in the last three years, according to a Premium Times report.
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Firm failed to clarify sources and purposes of income
The company also acknowledged it did not seek enough information about the sources or objectives of the funds involved in the transaction.
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45-years-old Anselm Ohionebo and his co-founder and Chief Operation Officer of the company, Opeyemi Odeyale, 43, were given a 27-month jail sentence for their roles in the crimes, the US legal filings said.
Business Insider report stated that the US Attorney for the Northern District of Texas, Chad Meacham, said the company was only licensed to transmit money and not to conduct currency exchange and charge US customers a fee to remit money back to Nigeria and other countries in Africa.
Involved in an unlawful and unlicensed activities
According to the US government which cited the firm's pleas document, it also admitted it allowed more than 1,500 customers to take advantage of the anti-money laundering policy to perpetuate the crime.
According to the DOJ statement, three people, including two of Ping Express’s most important clients who previously entered guilty pleas for using the company to transfer monies that were obtained unlawfully.
Guilty or not guilty? US court to take final decision on Hushpuppi on February 14
Legit.ng reported that social media influencer and big-time internet fashion sensation, Ramon Abbas Olorunwa popularly known as Hushpuppi would get to know his fate on valentine's day, February 14.
A decision on the charges levelled against Hushpuppi would be made known by a United States court.
Leadership reports that document unsealed by the US court shows that Hushpuppi who is being tried for allegedly laundering $24 million could face up to 20 years in prison for the crimes he committed.
Source: Legit.ng
