Newark, NJ – December 2, 2025 – Oluwaseun Adekoya, a 40-year-old Nigerian resident of New Jersey, was sentenced to 20 years in prison by a U.S. court on December 1, following his conviction for orchestrating an extensive bank fraud and identity theft scheme targeting home equity lines of credit (HELOCs).
Adekoya, who operated under multiple aliases including Ace G., Broda, Legendary, Santa, Santana, Sammy LaBanco, Sean Maison, and Kiing_maison, was found guilty earlier this year after a three-week trial. Having obtained lawful permanent resident status in the United States in 2004, Adekoya exploited this privilege to commit his crimes without remorse, according to John Sarcone, acting U.S. attorney for the Northern District of New York.
The investigation into Adekoya’s activities began in May 2022 when Broadview Federal Credit Union in Albany reported a series of impersonation transactions. This led the FBI-Albany to uncover Adekoya as the mastermind behind a nationwide operation that resulted in the prosecution of 13 co-conspirators, all of whom pleaded guilty to their roles in the scheme.
The fraud was brought to a halt with Adekoya’s arrest on December 12, 2023, following an initial indictment. Evidence presented during the trial revealed that Adekoya attempted to destroy evidence by wiping his primary phone just as FBI agents were executing a search warrant at his luxury apartment. However, agents seized numerous “burner” phones along with valuable items including Rolex watches, a $51,000 Tiffany engagement ring, designer handbags, and approximately $26,000 from a bank account used to launder the fraud proceeds.
Prosecutors characterized Adekoya as a “career fraudster” who operated from his opulent residence in New Jersey. He gathered publicly available information on individuals’ HELOCs across the U.S., shifting his focus to different regions to evade law enforcement scrutiny. Utilizing encrypted messaging platforms like Telegram, Adekoya acquired personal identifying information (PII) such as social security numbers and account details from victims. He then supplied this information to a network of accomplices, complete with fake driver’s licenses, enabling them to impersonate customers and withdraw funds from their accounts.
To further shield himself from detection, Adekoya employed a complex system of burner phones and encrypted communications while laundering his substantial share of the illicit gains through accounts held in other people’s names. Additionally, he reinvested some of the profits back into the fraudulent enterprise, financing travel for co-conspirators, and procuring fake identification documents and rental vehicles for their operations.
This case highlights the growing concern over identity theft and bank fraud in the digital age, as Adekoya’s sophisticated methods reflect the lengths to which some individuals will go to exploit vulnerable systems for personal gain. The government has since forfeited numerous items linked to his illicit activities, sending a clear message that such criminal behavior will not be tolerated.
