A New Jersey man who masterminded a massive, nationwide identity theft and bank fraud ring has been sentenced to 20 years in federal prison.
Federal prosecutors say 40-year-old Oluwaseun Adekoya — also known by aliases including “Ace G,” “Legendary,” and “SANTA” — led a years-long conspiracy that stole and laundered more than $2 million by exploiting home equity lines of credit (HELOCs) across the country.
Operating from a luxury apartment in Cliffside Park, Adekoya used encrypted apps like Telegram to buy stolen personal information and create fake driver’s licenses. He then directed a web of criminal operatives across the U.S. to impersonate real credit union members and make large cash withdrawals.
Investigators say he covered his tracks with burner phones, shell bank accounts, and fake identities — reinvesting the stolen funds into fake documents, travel, and rentals to keep the scheme going.
Adekoya was convicted earlier this year on multiple charges, including bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft. In sentencing him, U.S. District Judge Mae A. D’Agostino called him a “perpetual thief” and “flagrant serial offender” with a criminal record that stretches back to 2008.
Acting U.S. Attorney John Sarcone called Adekoya “a career fraudster” who lived lavishly at the expense of innocent Americans. “Now he gets to spend two decades in prison, and he deserves every last day of his sentence,” Sarcone said.
The investigation, dubbed Operation Catch Me If You Can, began in 2022 when a credit union in Albany noticed suspicious impersonation withdrawals and alerted the FBI. That led to the unraveling of a nationwide network of coconspirators — 13 of whom have already pleaded guilty and received sentences ranging from time served to more than a decade behind bars.
At the time of his arrest in December 2023, Adekoya attempted to wipe the primary phone he used to manage the operation. But agents still recovered several burner phones, luxury watches, designer goods, and more than $26,000 from his accounts. All assets have been seized and forfeited by the government.
Adekoya, a Nigerian national who gained U.S. residency in 2004, will be deported after serving his sentence. He was also ordered to pay over $2.2 million in restitution and serve five years of supervised release.
The FBI-Albany field office led the investigation with help from dozens of local and federal law enforcement agencies across more than a dozen states.
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