US court sentences Nigerian to seven years over $1.7m money laundering scheme

A Nigerian man based in the United States, Adedayo Fateru, has been sentenced to 87 months in federal prison for his role in a money laundering operation involving approximately $1.7 million in proceeds from fraud schemes.

Fateru was sentenced alongside three other defendants, with the four receiving a combined 190 months in prison, according to the U.S. Attorney’s Office for the Middle District of North Carolina.

The court also ordered Fateru to serve three years of supervised release after completing his prison sentence.

According to court documents, Fateru worked with Lisa Farrow, William Atwater and Victoria Stone to launder proceeds generated through several fraud schemes.

The schemes included business email compromises, modified cheque fraud, fraudulent Automated Clearing House transactions, as well as false applications for COVID-19 economic injury disaster loans and unemployment benefits.

Prosecutors said Stone used 10 bank accounts to receive approximately $1.04 million in fraud proceeds and withdrew about $187,375 through hundreds of transactions.

Atwater, meanwhile, received about $704,320 in fraud proceeds through several bank accounts and withdrew or transferred approximately $390,352 in more than 150 transactions designed to conceal the funds.

The other defendants also received prison sentences. Farrow was sentenced to 45 months, Atwater to 33 months, while Stone received 25 months in prison.

Following completion of his prison sentence, Fateru is expected to be transferred into the custody of U.S. Immigration and Customs Enforcement for removal proceedings under American immigration law.