Woodberry pleads guilty to Internet fraud, agrees to return $8m to victims, forfeit Dubai assets

Woodberry pleads guilty to Internet fraud, agrees to return $8m to victims, forfeit Dubai assets.

Suspected internet fraudster, Olalekan Jacob Ponle, also known as Mr Woodberry, has settled for a plea deal with the United States, agreeing to surrender $8 million in proceeds of wire fraud.

Peoples Gazette reports that he also agreed to forfeit his luxury cars and watches to the foreign government.

The Instagram influencer who loves to flaunt his wealth online, was charged with wire fraud conspiracy following his arrest in the United Arab Emirates in June 2020 and subsequent extradition to the US.

He was accused of tricking American companies into sending wire transfers worth millions of dollars. Woodberry allegedly targeted firms in California, Iowa, Kansas, Michigan and New York, according to prosecutors.

The socialite, who is an associate of notorious fraudster, Hushpuppi, had in the year of his arrest pleaded not guilty to the eight-count charge brought against him.

He was accused of engaging in a scheme termed business email compromise (BEC).

According to his plea agreement, he is required to pay back the sum of $8 million he fraudulently received from the seven companies that fell for his scam.

“Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offence,” stated the document containing Mr Ponle’s signed plea declaration.

Other items seized are four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.

Last year, he forfeited 151.8 Bitcoin to the American government.

Mr Ponle was arrested in Dubai on June 10, 2020, alongside Ramon Hushpuppi Abbas, currently serving an 11-year sentence for a similar fraud charge.

Before his arrest in 2020, Mr Woodberry was known for rocking expensive designer wear and showing off his ill-gotten wealth to his massive Instagram followers, the majority of whom had no inkling his luxury lifestyle was funded by cybercrime.