A Rhode Island man pleaded guilty in Boston federal court to fraud schemes connected to business email compromise, including one that targeted a Dorchester real estate attorney.

Sayon Balogun, also known as “Oshine,” 32, pleaded guilty this week to one count of money laundering conspiracy. Balogun, a dual citizen of the United States and Nigeria, was initially charged by criminal complaint in May 2019 and arrested a few weeks later in Florida. Sentencing was scheduled for Nov. 10, according to a statement from the U.S. attorney’s office.

According to the statement, Balogun’s co-conspirators gained access in January 2018 to email accounts belonging to a Massachusetts attorney engaged in real estate closings. The co-conspirators then mimicked the real estate attorney’s email account and sent emails to a Massachusetts resident who was the purchaser in a legitimate real estate transaction.

The spoofed emails directed the buyer, who also lived in Massachusetts, to wire transfer $531,981, which the purchaser believed was for the real estate transaction, to the Wells Fargo account of a California woman. This woman in turn sent $60,000 to an account in the name of “David Tecum,” a fraudulent identity used by one of Balogun’s co-conspirators, Oghenetchouwe Adegor Ederaine Jr.

This account and others were opened by Ederaine to receive fraudulent proceeds at Balogun’s direction. Ederaine previously pleaded guilty to aggravated identity theft and money laundering conspiracy and was sentenced to 40 months in prison.

The charging statute provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of $500,000 or twice the value of the funds laundered in the conspiracy.

Guilty Plea in Scheme Targeting Real Estate Closings

by Banker & Tradesman time to read: 1 min
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