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A Massachusetts man was sentenced to more than four years in prison his role in a fraud scheme that used nearly 80 bank accounts for a multimillion-dollar romance scam.

Kofi Osei, 30, was sentenced this week in Boston federal court to 54 months in prison and two years of supervised release, according to a statement from the U.S. attorney’s office. Osei was also ordered to pay $4,122,558 in restitution and forfeiture. He had pleaded guilty in October to seven counts of making a false statement to a bank, six counts of wire fraud and two counts of money laundering.

Prosecutors said Osei opened at least 77 bank accounts using fake passports in the names of other people and then received and quickly withdrew proceeds obtained from victims, often older adults, who had been targets of romance scams. Romance scams involve gaining a victim’s trust online and then using the romantic or close relationship to manipulate or steal from the victim.

Osei’s co-conspirators created fictitious online dating profiles and then directed victims to transfer money, the U.S. attorney’s statement said. After coordinating with his co-conspirators to receive the fraud proceeds into bank accounts he had opened, Osei then withdrew the fraud proceeds in cash or with a cashier’s check. He sent a portion of the funds to his co-conspirators, the statement said.

The money-laundering scheme received more than $8 million in fraud proceeds, including $4 million that went directly into accounts that Osei had opened and controlled.

Mass. Man Sentenced for Fraud Scheme Using Multiple Bank Accounts

by Banker & Tradesman time to read: 1 min
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