A federal jury convicted a Georgia man of laundering more than $2.7 million stolen from victims through online fraud schemes.
Babajide Adesayo, 41, of Douglasville, was found guilty Aug. 6 after an eight-day trial. The jury convicted him on two counts of conspiracy to commit money laundering and 16 counts of transactional money laundering.
A U.S. government source confirmed that Adesayo is an American citizen who became a naturalized citizen in 2015.
The fraud operation ran from April 2020 through September 2021, with scammers posing online as friends, business associates, or romantic partners to gain their victims’ trust, prosecutors said.
“Adesayo was a key member of a complex, transnational network that preyed upon elderly victims and siphoned their retirement savings overseas, mainly to China, Hong Kong, and Nigeria, to make recovery impossible,” said U.S. Attorney Theodore S. Hertzberg. “As a prolific money launderer, Adesayo facilitated the theft of nearly $3 million from victims and continued even after he was indicted, arrested, and released on bond. Now behind bars awaiting a significant sentence, this incorrigible swindler will face the full consequences of his actions.”
Prosecutors said the scammers built relationships with their targets before asking for money under false pretenses. They claimed, among other things, that they needed business equipment, had been jailed, or were dealing with medical problems.
Some victims were persuaded to hand over hundreds of thousands of dollars, including retirement funds and personal savings.
Much of the money was first sent to business accounts controlled by Adesayo’s co-defendant, Nigerian national Efemena Igbe, according to prosecutors. Igbe then transferred most of the funds to Adesayo while labeling the transactions as payments for vehicles from Adesayo’s auto business.
Adesayo then moved much of the money to accounts abroad, including in China, Hong Kong, and Nigeria, prosecutors said. Authorities traced more than $2.7 million in victim money through Adesayo over 17 months.
Authorities said the money laundering did not stop after Adesayo’s June 2024 arrest. After being released on bond, Adesayo continued receiving money tied to fraud through his own business accounts and through accounts belonging to others. He quickly withdrew or transferred the funds after they arrived.
A federal magistrate judge later revoked his bond after authorities discovered the additional activity. Adesayo has remained in federal custody since March 2.
“Adesayo helped steal millions from vulnerable victims, including elderly people who lost their hard-earned savings. He then moved that money overseas to hide it from those he had defrauded. Even after his indictment, he continued laundering stolen funds,” said Marlo Graham, Special Agent in Charge of FBI Atlanta. “Today’s conviction sends a clear message: the FBI will relentlessly pursue those who prey on vulnerable victims and profit from fraud.”
“Adesayo’s conviction demonstrates that those who help transnational fraud networks move stolen money will be held accountable,” said Steven N. Schrank, Special Agent in Charge of Homeland Security Investigations in Georgia and Alabama. “This case involved vulnerable victims, including seniors, who were deceived out of their life savings through online fraud schemes. HSI, alongside our federal, state, and local partners, will continue to target the financial facilitators who enable these crimes and attempt to move illicit proceeds beyond the reach of law enforcement.”
Adesayo is scheduled to be sentenced Nov. 20 before U.S. District Judge Mark H. Cohen.
He faces up to 20 years in prison on each conspiracy charge and ten years on each money laundering charge. He also faces up to ten additional years for crimes committed while on bond.
