The Nigerian fintech executives Anslem Oshionebo and Opeyemi Odeyale admitted to breaking money laundering laws after moving $167 million to Africa without authorization in less than three years.
While Oshionebo serves as the company's CEO and Oyedale as its COO, both are suspected of laundering $160 million to Nigeria.
The US Department of Justice recently made this information public, adding that the Ping Express had not inquired sufficiently about the origins or motivations of the monies used in the transactions or the clients who were initiating the communications.
Additionally, it was stated that some of the funds believed to be the profits of online fraud were moved to Nigeria.
The article continued by claiming that Aleoghena Okhumale, the company's information technology/business development manager, had also pleaded guilty to intentionally conveying cash that were obtained unlawfully.
Oshionebo and Oyedale received sentences of 27 months in federal prison each, whereas Okhumale received a 42-month sentence.
Ping Express also acknowledged operating its money-transfer operations in Nevada, New Jersey, Utah, West Virginia, and Connecticut without a valid license in those jurisdictions.
In addition, the DOJ claims that one Collins Orogun recently acknowledged accepting payment in exchange for moving money for fraudsters who use "romance scams" and other crimes.
In one case, an Indiana woman fell in love online with "Carson Jacks," a supposed oil roughneck in the Gulf of Mexico, and wired him $15,000 after he claimed to have malaria.
In a different instance, a second Indiana woman paid 'Thomas Ken,' a fictitious Irish ship captain she fell in love with online, $6,300 to repair his ship.
Orogun received more than $1.3 million in cash, cashier's checks, and wire transfers into several US bank accounts he controlled over the course of two years. He then transferred more than $1 million of the money to Africa via Ping Express.
He will be sentenced on January 23, 2023, and could receive up to 20 years in federal prison, according to the statement.
The business, Ping Express, now faces a $500k fine and five years of probation. The sentence will be given on December 19, 2022.
