Nigerian Man Slammed With 8yrs Jail Term For Stealing Over N400million From American Pensioners

A Canada-based Nigerian has been jailed in the United States of America for defrauding pensioners of over N400 million ($975,863).

Olumide Bankole Morakinyo manipulated the Texas Employees Retirement System (ERS) and was sentenced to eight years in prison in a ruling delivered on Wednesday, July 28, 2021.

The convict conspired with U.S. resident, Lukman Shina Aminu, to create unauthorized accounts for participants in the ERS internet portal, and re-routed retirement payments for personal use.

The stolen loot was also used to buy used vehicles to be shipped to Nigeria and Benin Republic to resell.

"With these international automobile transactions, Morakinyo and his conspirators laundered the fraud proceeds by concealing the source of the funds and making the money appear to be legitimate income," the U.S. Attorney's Office, Western District of Texas, said in a statement.

U.S. District judge, Robert Pitman, ordered that Morakinyo be placed on three years of supervised release after completing his prison term.

The 38-year-old has also been ordered to repay $975,863 in restitution to multiple victims.

His accomplice, Aminu, was charged in a separate indictment, and was sentenced to 51 months in prison since 2019.

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Posted: at 29-07-2021 10:02 AM (2 years ago) | Addicted Hero

Good. Hope they confiscate all the assets he acquired through that and they given a lethal injection to sleep.

Posted: at 29-07-2021 01:36 PM (2 years ago) | Gistmaniac

It's not a joke. If you search for Samson Toromade, this is one of the pictures that come up. That's not the convict's name. I'm a journalist and this person came to steal my story and mistakenly used my picture as a result. That's my picture up there, and this person has refused to take it down after numerous messages.

Posted: at 30-07-2021 11:30 AM (2 years ago) | Newbie

...THIS IS NO LONGER FUNNY. WHY ARE THEY FINDING IT DIFFICULT TO REMOVE THE PHOTO IF THEY MADE A MISTAKE. THAT MEANS THEY DO NOT AGREE THAT A MISTAKE WAS MADE.

Posted: at 30-07-2021 09:38 PM (2 years ago) | Gistmaniac