Nigerian Man Jailed 41 Months in US for Illegal Money Transfer Scheme

A Nigerian man who illegally transmitted money to Lagos Bank was sentenced to 41 months in prison in the United States.

Nigerian Man Sentenced to 41 Months in US Prison for Illegal Money Transfer Scheme. Oluwafemi Osinowo, 35, ran an unlicensed money-transmitting business, wiring $722,177 to Lagos Bank, and will serve 41 months in federal prison plus 3 years of supervised release.

Oluwafemi Osinowo, a Nigerian living in the US, was found guilty of running an unlawful money-transfer company and was given a 41-month sentence in a federal prison.

Chief Judge Shelly D. Dick also sentenced the 35-year-old Osinowo of Miami, Florida, to three years of supervised release following his imprisonment, according to a press release released by the US Attorney's Office for the Middle District of Louisiana on Monday, June 10.

Osinowo disclosed in his guilty plea that he ran an unauthorized money-transmitting business from December 2016 to January 2019.

He admitted that he had been operating a foreign exchange business without complying with the federal registration requirements.

While the company was operating, money was sent to bank accounts in Miami, Florida, from third parties in the Middle District of Louisiana and other places.

An Osinowo company representative transferred the funds to a bank in Lagos, Nigeria, once they arrived in these Miami accounts. With a total of roughly $722,177, these wire transfers made up about 51 transactions.