Mr. Woodberry, also known as Olalekan Jacob Ponle, has admitted to committing wire fraud. He consented to surrender over to the foreign government luxury cars, watches, and $8 million in wire fraud proceeds.
Woodberry, a known associate of the now-incarcerated internet fraudster Ramon Abbas, also known as Hushpuppi, recently entered a guilty plea to one of the indictments in a plea declaration that was filed at the United States District Court of the Northern District of Illinois Eastern Division on April 6.
He must repay the $8 million he fraudulently got from the seven businesses he defrauded, per the terms of his plea agreement.
“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 offence,” stated the document containing Mr Ponle’s signed plea declaration.
Woodberry was also asked to waive his rights to the luxury cars, and designer watches he had stashed in Dubai.
The high-end automobiles include Rolls Royce Cullinan with vehicle no J9153, Lamborghini Urus (N4973) and Mercedes-Benz G-class (G68816).
Other items seized are four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
Last year, he forfeited 151.8 Bitcoin to the American government.
On June 10, 2020, Woodberry was arrested in Dubai alongside Ramon Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge.
