Two top executives of Ping Express, a United States-based fintech company, have been sentenced to 27 months imprisonment for breaching money laundering rules.
Gatekeepers News reports that the executives; Anslem Oshionebo and Opeyemi Odeyale pleaded guilty to contravening money laundering rules after sending $167 million to Africa unchecked in less than three years.
The Chief Executive Officer, Oshionebo and Chief Operating Officer, Odeyale are suspected to have laundered $160 million out to Nigeria.
US Department of Justice disclosed this in a statement, adding that Ping Express failed to seek sufficient details about the sources or motives of the funds involved in the transactions, or the customers initiating the transmissions.
It also said part of the money sent to Nigeria was also suspected to be proceeds of internet fraud.
It went further to state that the company’s Information Technology/Business Development Manager, Aleoghena Okhumale, was said to have also pleaded guilty to knowingly transmitting illegally-derived funds.
Both Oshionebo and Oyedale were sentenced to 27 months in federal prison, but Okhumale bagged a prison sentence of 42 months.
Ping Express also admitted that it conducted money transmission business in states in which it was not licensed to do so, including Nevada, New Jersey, Utah, West Virginia, and Connecticut.
In addition, according to DOJ, one Collins Orogun admitted last week that he accepted a fee in exchange for transferring money for ‘romance scam’ fraudsters and other criminals.
In one instance, an Indiana woman sent $15,000 to ‘Carson Jacks’, a purported oil roughneck in the Gulf of Mexico she fell in love with online, after he told her he’d contracted malaria.
In another, a second Indiana woman sent $6,300 to ‘Thomas Ken,” a purported Irish ship captain she fell in love with online, to fix his ship.
