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August 27, 2021

Man Pled Guilty to Conspiracy to Commit Bank Fraud

On July 9, 2021, in the District of Maryland, Babatunde Ajibawo pled guilty to conspiracy to commit bank fraud. Ajibawo and his coconspirators executed a scheme to defraud financial institutions by means of material false or fraudulent pretenses. Ajibawo was initially indicted on July 21, 2020, for bank fraud conspiracy, bank fraud, aggravated identity theft, and aiding and abetting.

According to the court documents, beginning in or about February 2017 and continuing until on or about July 1, 2020, in the District of Maryland, District of Columbia, Eastern District of Virginia, Western District of Washington, and elsewhere, Ajibawo and coconspirators opened bank accounts in the names of other individuals and businesses to obtain money from financial institutions by fraud. To further the scheme, Ajibawo and coconspirators would obtain legitimate checks, alter the name of the payee on some checks, create fraudulent checks, and deposit checks, thereby causing fraudulent wire transfers into various bank accounts. Ajibawo and coconspirators used the names of identity theft victims to obtain Employee Identification Numbers (EIN), register businesses, and obtain State business certificates in business names identical or similar to the names of the payees listed on the checks. Then, they used the names of identity theft victims to open bank accounts in the names of payees listed on the checks. Ajibawo and coconspirators used phones, including messages through WhatsApp, to coordinate the shipping, receipt, and deposit of stolen checks, and the withdrawal of proceeds. Through text messages, they would exchange images of stolen checks, EIN documents, and stolen identity information.

As part of the plea agreement, Ajibawo agreed to the entry of a restitution order for the full amount of the victims' losses, which the parties stipulate to be at least $606,598.08. If convicted, Ajibawo could receive a maximum of 30 years' imprisonment, up to five years' of supervised release, potentially pay a fine up to $1,000,000, and pay a $100 assessment fee.

    Source:  The facts in this case narrative come from the following publicly available documents: D. Md., Plea Agr., filed July 9, 2021; D. Md., Indict., filed July 21, 2020; and D. Md., Plea Agr., filed July 9, 2021.