A Nigerian man based in the United States Oluwafemi Osinowo has been sentenced to 41 months in a federal prison after he was convicted of operating an illegal money transmitting business.
U.S. Attorney Ronald C. Gathe, Jr. in a press release issued by the U.S. Attorney’s Office, Middle District of Louisiana on Monday, announced that Chief Judge Shelly D. Dick also sentenced Osinowo, 35, of Miami, Florida, to three years of supervised release following his term of imprisonment.
According to admissions made as part of his guilty plea, from December 2016 to January 2019, Osinowo operated an unlicensed money transmitting business.
He confessed that he conducted foreign currency exchange business without complying with required federal registration requirements.
During the course of operating the business, money was transmitted from third parties from the Middle District of Louisiana and elsewhere to bank accounts located in Miami, Florida.
Once the money was in the bank accounts in Miami, Florida, an individual acting as an agent of Osinowo’s business wired the money to a bank in Lagos, Nigeria. Those wire transfers included approximately 51 separate transmissions in the aggregate total of approximately $722,177.