A man convicted of conspiracy to commit money laundering has been sentenced to eight years in federal prison. Prosecutors say 38-year-old Olumide Bankole Morakinyo worked with Lukman Shina Aminu to target the Texas Employees Retirement System.
"This Defendant’s scheme and those like it victimize our most vulnerable citizens and cost taxpayers billions each year," said U.S. Attorney Ashley C. Hoff. "Our office will use all of the available legal tools to identify and bring to justice those who commit cyber-enabled fraud and launder the proceeds."
Prosecutors say Morakinyo is a Nigerian national who was living in Canada when he got the personal information of retired State of Texas employees. He used that information to log into their accounts with the Texas Employees Retirement System using the on-line portal and change their bank account routing information. Instead of going to their bank accounts, their regular payments were routed to debit cards controlled by co-defendant Aminu in New Hampshire. Prosecutors say he then transferred the funds to Morakinyo.
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"Today’s sentencing of Olumide Morakinyo highlights how seriously IRS Criminal Investigation (IRS CI) and our law enforcement partners take the issue of identity theft," said IRS CI Special Agent in Charge Richard Goss of the Houston Field Office. "This sentencing should send a clear message to would-be criminals, that you will be caught and you will be punished."
Morakinyo's sentence also includes an order to pay $975,863 in restitution to the victims.
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