Nigerian national Oluwaseun Adekoya, 35, was sentenced to 20 years in federal prison on December 2, 2025, for masterminding a sophisticated conspiracy that defrauded U.S. banks of more than $2 million.
Operating under aliases including “Ace G.” and “SANTA,” Adekoya orchestrated a years-long identity theft and home equity line of credit (HELOC) scam from 2015 to 2023, impersonating victims across the country to illegally obtain and siphon funds.
The FBI’s Albany Division led the multi-agency investigation — dubbed Operation Catch Me If You Can — which exposed Adekoya’s New Jersey-based operation and a network of co-conspirators who have since pleaded guilty.
Prosecutors detailed how the group used stolen personal information to open fraudulent credit lines, causing widespread financial harm to victims and financial institutions.
“This sentence sends a strong message to fraudsters who exploit our financial systems,” said FBI Albany Special Agent in Charge James Dennehy.
Adekoya, convicted by a federal jury in June 2025, faces deportation upon completion of his sentence.
The case highlights a growing trend in HELOC fraud, with the FBI’s Internet Crime Complaint Center (IC3) reporting a 20% increase in identity theft complaints in 2024 alone. Authorities continue to urge the public to remain vigilant against such schemes amid rising cyber threats.
