A 34-year-old Nigerian national named Kolade Akinwale Ojelade has been sentenced to over 26 years in prison on November 1st. He was found guilty of scamming prospective homeowners and other individuals by using a fraudulent email phishing and spoofing technique known as “man-in-the-middle.” This information was disclosed by the U.S. Attorney’s Office, Northern District of Texas.
In April 2024, Ojelade was extradited from the U.K. to the U.S. and, three months later, he admitted to committing wire fraud. U.S. District Judge Reed O’Connor also imposed a restitution order on Ojelade, requiring him to pay $3,386,908, according to the department.
U.S. Attorney Leigha Simonton emphasized the importance of taking precautions to protect oneself from sophisticated man-in-the-middle scams. She advised individuals to verify wiring instructions either in person or over the phone, as even the most cautious individuals can fall victim to such deceptive schemes.
“We are proud to hold Mr. Ojelade accountable for his crimes, ensuring that he will spend the next quarter-century behind bars. This will put an end to his ability to scam innocent homebuyers.”
The department states that Ojelade was responsible for sending phishing emails to multiple real estate businesses. Through this method, he gained unauthorized access to their accounts and monitored their email traffic. His goal was to identify when large transactions were scheduled.
According to the department, Ojelade intercepted genuine wire payment instructions, modified the account details, and then forwarded the emails using spoofed addresses that looked like the original senders.
Victims, who were unaware of the scheme, fell into the trap and unknowingly followed the modified wiring instructions. This resulted in prospective homeowners wiring funds to real estate companies and real estate companies transferring money to title companies. Unfortunately, the payments were directed to accounts controlled by Ojelade.
Ojelade allegedly withdrew the funds or transferred them to other bank accounts after they had been deposited into these accounts.
During Ojelade’s sentencing hearing, it was stated by the department that the intended loss amounted to over $100 million, while the actual loss was around $12 million.
Ojelade will face deportation after he completes his sentence, as stated by the U.S. attorney’s office.
“Mr. Ojelade callously engaged in a scheme that stole millions of dollars from prospective homeowners and real estate companies. Today’s sentence reflects the seriousness of his crimes,” said P.J. O’Brien, Acting Special Agent in Charge of the FBI Dallas Division, in a statement.