Olalekan Jacob Ponle, popularly known as Woodberry, has recently entered a guilty plea with the United States authorities for engaging in a fraudulent scheme known as business email compromise (BEC). Initially, he had pleaded not guilty to the eight-count fraud charge brought against him, but he has since had a change of heart.
As part of his plea agreement, Mr. Ponle has agreed to forfeit a staggering $8 million in proceeds of wire fraud, as well as his luxury cars and designer watches, which include a Rolls Royce Cullinan, a Lamborghini Urus, and a Mercedes-Benz G-class, along with several high-end timepieces and jewelry.
It is worth noting that last year, Mr. Ponle had already forfeited 151.8 Bitcoin, equivalent to roughly $6 million, to the American government, demonstrating the authorities' determination to recover all stolen funds from the Nigerian fraudster.
Mr. Ponle's arrest in Dubai on June 10, 2020, alongside his close friend and accomplice, Ramon Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge, serves as a reminder of the serious consequences of cybercrime. It is unfortunate to see how Mr. Ponle, who was once known for his lavish lifestyle and expensive designer wear, was actually funding his lifestyle through fraudulent activities.
The case of Mr. Ponle and his accomplice highlights the importance of staying vigilant and avoiding involvement in any illegal activity, particularly cybercrime. Let us hope that this serves as a warning to others who may be tempted to engage in such criminal activities, and they opt to pursue legal and legitimate means of making a living
