A Nigerian man, Yomi Jones Olayeye was arrested on August 13, 2024 at John F. Kennedy International Airport in New York City. He faces serious federal charges, including wire fraud conspiracy, wire fraud, and aggravated identity theft, related to an alleged scheme to defraud U.S. pandemic assistance programs of at least $10 million.
Between March and July 2020, Olayeye and his co-conspirators allegedly used stolen personal information to fraudulently claim unemployment benefits intended for COVID-19 relief. The scheme targeted various states, including Massachusetts, Hawaii, and Michigan. They allegedly opened bank accounts and prepaid debit cards to receive the illicit funds, which were then converted to Bitcoin to conceal the connection to Nigeria.
The charge of aggravated identity theft alone carries a mandatory two-year prison sentence. A conviction of federal wire fraud conspiracy can lead to a prison sentence of up to 20 years.
Wire Fraud Conspiracy Punishments
Conspiracy to commit wire fraud requires proof that two or more individuals agreed to commit wire fraud and that the defendant willfully joined the conspiracy with the intent to further its unlawful purpose.
Imprisonments: Federal wire fraud can lead to imprisonment of up to 20 years. If the fraud affects a financial institution or occurs during a presidentially declared disaster, the maximum sentence can increase to 30 years.
Fines: Individuals may face fines of up to $250,000, while organizations can incur fines up to $500,000 or even $1 million if a financial institution is involved.
Restitution and Asset Forfeiture: Convicted individuals are often required to pay restitution to victims, which can be substantial. The government may also seize assets obtained through the various fraud(s) or used in its commission.
Aggravated Identity Theft Punishments
Aggravated identity theft goes beyond identity theft. It involves using another person’s means of identification with the intent to commit a crime.
Mandatory Minimum Sentence: A conviction results in a mandatory minimum prison term of 2 years. This is in addition to punishments for the associated crimes. If the offense is linked to a terrorist act, this increases to 5 years.
Crimes associated with pandemic assistance funds are often serious white collar crimes that demand a sophisticated defense strategy. These crimes are often federal crimes, which means the punishments and fines can be especially severe. With decades of experience defending the most serious crimes in state and federal court, the attorneys at Dhar Law, LLP are prepared to take on even the most complex white-collar cases. Please contact our experienced criminal defense team to learn more about how we can help you with your case.
