Woodberry, an Hushpuppi’s associate to forfeit $8 million wire scam

Woodberry an Hushpuppi’s associate to forfeit $8 million wire scam:  Olalekan Jacob Ponle, also known as Mr Woodberry, has pleaded guilty to wire fraud in connection

with his role in a cybercrime scheme. As a result of his plea agreement, Woodberry has agreed to

forfeit $8 million in proceeds of wire fraud as well as luxury cars and watches to the foreign government.

Woodberry was a known associate of Ramon Abbas, also known as Hushpuppi, who is currently serving

an 11-year sentence for a similar fraud charge.

Woodberry, Hushpuppi’s associate to forfeit $8 million wire scam

In a plea declaration submitted at the United States District Court of the Northern District of Illinois Eastern

Division on April 6, Woodberry pleaded guilty to count one of the indictments. According to his plea agreement,

he is required to pay back the sum of $8 million he fraudulently received from the seven companies that he scammed.

As part of the plea agreement, Woodberry has also agreed to forfeit several luxury items, including a

Rolls Royce Cullinan, Lamborghini Urus, and Mercedes-Benz G-class, as well as several high-end watches and jewelry. The items were seized by the government after Woodberry’s arrest. Additionally, he has waived his rights

to the luxury cars and designer watches he had stashed in Dubai.

the forfeit 

Last year, Woodberry forfeited 151.8 Bitcoin to the American government. Prior to his arrest, Woodberry

was known for flaunting expensive designer wear and showing off his illicit wealth to his massive

Instagram followers, the majority of whom had no idea his luxury lifestyle was funded by cybercrime.

In a report filed by punch newspaper, Woodberry’s guilty plea and forfeiture of assets serve as a warning

to others involved in similar cybercrime schemes. The American government remains committed to identifying

and prosecuting those involved in these illegal activities, and will continue to work with foreign governments

to bring them to justice.

the guilty plea

Woodberry, has pleaded guilty to wire fraud and has agreed to forfeit $8 million in proceeds of wire fraud

as well as luxury cars and watches to the foreign government. His plea agreement and forfeiture of assets send a clear message that cybercrime will not be tolerated and those involved will be held accountable.