Estimated reading time: 5 minute(s)
Sodiq Mojibola
Olalekan Jacob Ponle, known as Mr Woodberry, has pleaded guilty to wire fraud, forfeiting $8 million in proceeds of wire fraud, as well as luxury cars and
watches to the foreign government.
Woodberry, a known associate of the imprisoned internet fraudster, Ramon Abbas, better known as Hushpuppi, recently submitted a plea declaration at the United States District Court, pleading guilty to count one of the indictments.
According to his plea agreement, Woodberry has agreed to pay back the sum of $8 million that he fraudulently received from seven companies he scammed.
The document containing Woodberry’s signed plea declaration states, “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 offense.”
In addition to the monetary forfeiture, Woodberry has also been asked to waive his rights to luxury cars and designer watches he had in Dubai.
The high-end automobiles include a Rolls Royce Cullinan, Lamborghini Urus, and Mercedes-Benz G-class, along with several Rolex, Patek Philippe, and Audemars Piguet watches, as well as gold and diamond-studded earrings and neck chains.
Woodberry was arrested in Dubai on June 10, 2020, alongside Hushpuppi, who is currently serving an 11-year sentence for a similar fraud charge.
Prior to his arrest, Woodberry was known for flaunting his expensive lifestyle on Instagram, showcasing his illicit wealth through designer wear and luxury possessions to his massive following.
However, it has now been revealed that his lifestyle was funded by cybercrime.
Estimated reading time: 1 minute(s)
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