The United States Department of Justice has indicted three Nigerian nationals for their involvement in a sophisticated internet-enabled investment fraud scheme, U.S. Attorney Philip R. Sellinger announced on December 11, 2024.
The accused, identified as Augustine Chibuzo Onyeachonam, 30, Stanley Asiegbu (a.k.a. "Stanislaus"), 37, and Chukwuebuka Nweke-Eze, 29, face multiple charges, including conspiracy to commit wire fraud, securities fraud, identity theft, and aggravated identity theft. The defendants allegedly orchestrated a scheme that defrauded victims of over $3 million by posing as legitimate brokers and luring individuals into fraudulent cryptocurrency investments.
Between 2018 and 2024, the defendants reportedly created fake online profiles impersonating registered broker-dealers affiliated with the Financial Industry Regulatory Authority (FINRA). They used these identities to establish fraudulent websites that mimicked those of legitimate brokers, incorporating genuine credentials, employment histories, and the seal of the U.S. Securities and Exchange Commission (SEC) to deceive victims.
The perpetrators allegedly directed victims to these spoofed websites through online discussions about cryptocurrency and financial investments, encouraging them to make investments that promised returns of up to 25%. Victims were instructed to transfer cryptocurrency assets to specific wallets, which the conspirators then stole instead of investing.
In addition, the defendants established fake online investment platforms where victims were shown fabricated returns on their supposed investments. When victims attempted to withdraw funds, they were often asked to pay additional fees or taxes, but the money was never released.
The indictment includes the following charges:
- Wire fraud conspiracy (Count One): Maximum sentence of 20 years and a $250,000 fine.
- Wire fraud (Counts Two and Three): Maximum sentence of 20 years and a $250,000 fine for each count.
- Securities fraud conspiracy (Count Four): Maximum sentence of 20 years and a $250,000 fine.
- Identity theft conspiracy (Count Five): Maximum sentence of 15 years and a $250,000 fine.
- Aggravated identity theft (Counts Six through Nine): Mandatory minimum of two years imprisonment and a $250,000 fine per count.
The U.S. Securities and Exchange Commission has also filed a civil complaint against the defendants, further amplifying the legal challenges they face.
U.S. Attorney Sellinger commended the FBI's Newark Atlantic City Resident Agency for its thorough investigation, led by Acting Special Agent in Charge Nelson I. Delgado. The case is being prosecuted by Assistant U.S. Attorneys Anthony P. Torntore and Andrew Kogan of the Cybercrime Unit in Newark.
In his statement, Sellinger emphasized the government’s commitment to combating cybercrime: “These defendants not only defrauded dozens of victims of their hard-earned money but also undermined public trust by misusing regulatory credentials. We will continue pursuing scammers, no matter where they are, to secure justice for victims.”
The accused remain presumed innocent until proven guilty in court.
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