Last month, Anslem Oshionebo the CEO of Ping Express, a Dallas – Texas based Fintech, and the company’s COO Opeyemi Odeyale, were sentenced to 27 months in prison for failing to maintain effective anti-money controls.
The US Department of Justice says customers used the Money Transfer company’s services to send more than 167 million dollars, of which 160 million was sent to Nigeria, without asking questions about who the customers were, how they earned their money, or what the money was for. It is suspected that the money includes the proceeds of internet fraud.
Both Anslem Oshionebo (the CEO) and Opeyemi Odeyale (the COO) pleaded guilty to the charge that they failed to maintain an effective anti money laundering programme.
The United States has been cracking down on Nigerian players involved in internet fraud recently. You may remember the capture of Hushpuppi, arguably Nigeria’s most famous internet fraudster in 2020.
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