Olalekan Jacob Ponle, known as Mr. Woodberry, has pleaded guilty to wire fraud and agreed to forfeit $8 million in proceeds, along with luxury cars and watches, to the United States government. In a plea declaration filed on April 6 in the United States District Court for the Northern District of Illinois, Eastern Division, Woodberry admitted guilt to one count of the indictment, the Peoples Gazette reports. Under the terms of his plea agreement, he must repay the $8 million he obtained fraudulently from seven companies.
The court document states that by pleading guilty, Woodberry “will be subject to forfeiture to the United States of all right, title, and interest in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.” Accordingly, he is required to waive his rights to several high‑end items stored in Dubai, including a Rolls‑Royce Cullinan (VIN J9153), a Lamborghini Urus (N4973), and a Mercedes‑Benz G‑Class (G68816). Seized also were four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond‑studied earrings, and six gold necklaces. Last year, Woodberry forfeited 151.8 Bitcoin to the U.S. government.
Woodberry was arrested in Dubai on June 10, 2020, alongside Ramon “Hushpuppi” Abbas, who is now serving an 11‑year sentence for a similar fraud scheme. Before his arrest, Woodberry was known for flaunting expensive designer clothing and a lavish lifestyle on Instagram, a platform where many followers were unaware that his wealth stemmed from cybercrime.
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