Collin County man found guilty of financial fraud had more than $6.7M deposited into alias accounts

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Collin County man found guilty of financial fraud had more than $6.7M deposited into alias accounts

Via www.wfaa.com

According to officials, one person’s identity was used to drain his retirement account, and another victim had over $352,000 stolen from his investment account.

A 30-year-old Plano man has been found guilty of financial fraud and a money-laundering scheme, U.S. Attorney Stephen J. Cox announced Wednesday.

According to federal officials, Babatope Joseph Aderinoye was convicted of conspiracy to commit bank fraud, wire fraud, money laundering, aggravated identity theft and mail fraud. He faces up to 30 years in federal prison.

Authorities said Aderinoye has a history of obtaining fake passports using other people’s names to make false business entities and fraudulent bank accounts.

Some of the victims included Community ISD and a non-profit called Project 4031, which is an organization that helps families of the terminally ill people.

According to federal officials, one person’s identity was used to drain his retirement account, and another victim had over $352,000 stolen from his investment account.

As of October of this year, at least 13 individual aliases and 12 business aliases have been tied to Aderinoye. Detectives said they believe more aliases exist.

According to federal officials, once the money was deposited into Aderinoye accounts, he would withdraw funds and transfer them to other fraudulent accounts or wire them to a bank account he set up in Nigeria.

He would also use the money to pay co-conspirators and further fund their fraudulent schemes.

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