Olalekan Jacob Ponle, also known as Woodberry, has entered a plea of guilt to the US authorities.
Woodberry was arrested alongside his close friend Ramon Hushpuppi Abbas in Dubai in June 2020 for engaging in a fraudulent scheme called business email compromise (BEC).
Initially, Woodberry had pleaded not guilty to the eight-count fraud charge against him, but he had a change of heart and submitted a plea declaration on April 6 to the United States District Court of the Northern District of Illinois Eastern Division, admitting to count one of the indictments.
As part of his guilty plea, Woodberry has agreed to surrender $8 million in proceeds from wire fraud. He was also asked to waive his rights to the luxury cars and designer watches he had stashed in Dubai, which includes a Rolls Royce Cullinan, a Lamborghini Urus, and a Mercedes-Benz G-class.
Additionally, four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains were also seized.
According to the plea declaration signed by Mr. Ponle, “Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.”
Last year, Woodberry had forfeited 151.8 Bitcoin, worth roughly $6 million, to the American government as part of their efforts to recover all the stolen money from the Nigerian fraudster.
Before his arrest in 2020, Mr. Woodberry was known for flaunting his expensive designer wear and displaying his ill-gotten wealth to his massive Instagram followers. However, most of his followers had no idea that his luxurious lifestyle was funded by cybercrime.
Woodberry’s accomplice, Ramon Hushpuppi Abbas, is currently serving an 11-year sentence for a similar fraud charge.
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