Anslem Oshionebo, Opeyemi Odeyale, and Aleoghena Okhumale, three businessmen of Nigerian descent, have all been found guilty of money laundering in the US.
Ping Express U.S. LLC’s guilty plea to failing to maintain an efficient anti-money laundering programme sealed their fate.
The Texas company acknowledged that it did not follow the rules when it transferred millions of dollars from America to Africa.
Although the business had a licence to send money, it was not authorised to exchange currencies.
Ping Express assessed a fee to Americans who sent money to recipients in Nigeria and other African nations.
The business acknowledged allowing more than 1,500 customers to break the law. One client exceeded the cap by more than 17 times, sending $80,000 in a single month.
Ping Express transmitted more than $167million outside America, including $160million to Nigeria, since 2019,
The company admitted it failed to request sufficient details about the sources or purposes of the funds involved in the transactions, or the customers.
A customer, Collins Orogun acknowledged accepting a fee in exchange for transferring money for “romance scam” fraudsters and other criminals.
Orogun received at least $1.3million, cashier’s checks, wires into U.S. bank accounts and moved more than $1million to Africa through Ping.
The defendant faces up to 20 years in federal prison; his sentencing is set for January 23, 2023.
Ping CEO Oshionebo and Ping COO Odeyale were sentenced to 27 months in prison; IT/Business Development Manager Okhumale got a 42 months jail term.
The company now faces five years of probation and a fine of up to $500,000; sentencing has been set for December 19, 2022.
Christopher Miller, Acting Special Agent in Charge of Homeland Security Investigations (HSI) Dallas said agents and forensic accountants work to eradicate bulk cash smuggling.
“Our investigative reach provides access to a wide range of financial networks allowing HSI to disrupt any criminal organization attempting to exploit global trade”, Miller noted.
HSI Dallas Field Office conducted the probe in collaboration with the Texas Department of Banking. Assistant U.S. Attorney John de la Garza is the prosecutor.