Mr Woodberry has been sentenced by US Court.
Judge Robert Gettleman, presiding over the United States District Court for the Northern District of Illinois in Chicago, has handed down a sentence of eight years and three months to Jacob Olalekan Ponle, also known as Woodberry, for orchestrating a fraudulent scheme worth millions of dollars.
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The sentencing took place on July 11, as reported. Woodberry was arrested on June 10, 2020, along with Ramon ‘Hushpuppi’ Abbas, who was previously sentenced to 11 years in prison for internet fraud in the U.S.
Judge Gettleman ruled that Woodberry is to serve a total term of 100 months in federal prison for one count of fraud, while seven other counts were dropped as part of a plea agreement made in April. Woodberry will be transferred to the Federal Correctional Institution in Danbury, Connecticut, through the U.S. Marshal Service.
During his imprisonment, his American fiancée and other family members will be allowed to visit him. Following his incarceration, Woodberry will be surrendered to the custody of U.S. Immigration and Customs Enforcement (ICE) for deportation.
As part of the restitution process, Woodberry is required to pay approximately $8 million to seven victims.
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The court determined that he has the means to make the full payment and waived any interest on the restitution amount. Additionally, prosecutors requested permission to sell Woodberry’s 152 bitcoins, with a notice period of 30 days for interested parties to claim the assets. However, no legitimate claimants came forward before Woodberry’s sentencing.
Prosecutors also recommended the forfeiture of several assets held by Dubai police, including a Rolls Royce, Lamborghini Urus, Mercedes-Benz G-Class AMG G55, four Rolex watches, one Patek Philippe watch, and three Audemars Piguet watches, known for his extravagant displays on social media.
Further items subject to forfeiture include three gold and diamond-studded rings, five gold bracelets and two gold bracelet keys, six gold neck chains, one gold and diamond-studded necklace, one small gold nugget, two bank cards, approximately $1,835 in Emirati dirhams, and around $15.45 in South African rands.
