"Characterizing this fraud scheme as massive, if anything, is an understatement," Assistant U.S. Attorney Nick Chase from North Dakota said in court documents. Adetiloye, 30, was sentenced Monday to nearly 18 years in prison on fraud charges. He was convicted of mail fraud, but authorities believe he masterminded a scheme to open nearly 600 fraudulent bank accounts and bilk 22 major banks out of hundreds of thousands of dollars. Federal prosecutor Nick Chase said during the sentencing hearing in North Dakota that Adetiloye had an "insatiable hunger for other people's money." U.S. District Judge Ralph Erickson handed down a 214–month prison term and scheduled a Feb. 15 hearing to discuss returning the nearly $1.5 million in losses to credit card companies and banks.
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