Gazettengr, reports that United States authorities have announced plans to sell 152 bitcoins that were seized from internet fraudster Olalekan Jacob Ponle, also known as Mr. Woodberry. This decision comes after Mr. Woodberry pleaded guilty to wire fraud amounting to $8 million.
According to a document filed on Friday at the U.S. District Court for the Northern District of Illinois, the U.S. Marshal Service will now take custody of the seized cryptocurrency assets for disposition. This move follows Mr. Woodberry’s agreement to forfeit all proceeds from the wire fraud, which he committed under the alias ‘Mark Kain.’ During his time in Dubai, United Arab Emirates, he recruited at least four money mules to facilitate his fraudulent activities. Mr. Woodberry was arrested by law enforcement officers in Dubai and subsequently handed over to the Federal Bureau of Investigation (FBI) in 2020. He was then transferred to Chicago, where he has been standing trial.
The federal authorities have called on interested individuals to file a claim for the property within the next 30 days and register with valid documents. They stated that they would “provide written notice to any person known to have alleged an interest in the property that is the subject of the preliminary order of forfeiture.”
In the event that no one comes forward to claim ownership of the seized assets, American prosecutors have stated that they will proceed to advertise their sale. “The United States shall publish notice of this order and of its intent to dispose of the property,” stated the motion filed by Morris Pasqual, an acting U.S. attorney overseeing the case. The motion further requested that the terms and conditions of the preliminary order of forfeiture be included in the sentence imposed against Mr. Olalekan Jacob Ponle and any subsequent judgment and commitment order.
On June 29, federal prosecutors requested a 14-year prison sentence for Mr. Woodberry due to the wire fraud he committed between January and September 2019. The prosecutors also recommended the forfeiture of various luxury items currently in the custody of the Dubai police, including a Rolls Royce, Lamborghini Urus, Mercedes-Benz G-Class AMG G55, four Rolex watches, one Patek Philippe watch, and three Audemars Piguet watches.
Additionally, Mr. Woodberry is set to forfeit three gold and diamond-studded rings, five gold bracelets and two gold bracelet keys, six gold neck chains, one gold and diamond-studded necklace, one small gold nugget, two bank cards, approximately $1,835 in Emirati dirhams, and around $15.45 in South African rands.
Mr. Woodberry’s arrest on June 10, 2020, occurred alongside Ramon ‘Hushpuppi’ Abbas, who was subsequently sentenced to 11 years in U.S. federal prison for his involvement in internet fraud.
The sale of the seized bitcoins and forfeiture of other assets represent a significant step towards dismantling fraudulent operations and recovering funds in cases of cybercrime.
