Kolade Akinwale Ojelade, a 34-year-old Nigerian national, was sentenced to over 26 years in federal prison on November 2, 2024, for a complex scheme that defrauded prospective homebuyers and real estate companies of millions. U.S. District Judge Reed O’Connor imposed a total of 316 months—292 months for wire fraud affecting a financial institution and 24 months for aggravated identity theft—alongside a $3.39 million restitution order.
Ojelade’s scheme targeted large real estate transactions by intercepting communications between real estate companies, title companies, and homebuyers through a “man-in-the-middle” phishing operation. After infiltrating email accounts, Ojelade monitored discussions to pinpoint when major transactions were imminent. At critical moments, he altered wire instructions and resent emails via spoofed addresses, which closely mimicked the original senders’ emails. Unaware of the alteration, victims—including homebuyers sending down payments to title companies—followed the fraudulent instructions, wiring funds directly to accounts controlled by Ojelade and his co-conspirators.
Once the funds were received, Ojelade’s network quickly moved the money through various bank accounts, often transferring it overseas or withdrawing it in cash, complicating efforts to trace and recover the assets. Prosecutors highlighted the far-reaching impact, noting that the intended loss of the scheme exceeded $100 million, with an actual loss of around $12 million.
Ojelade was indicted in the U.S. in February 2023 but resided in Leicester, U.K., until his extradition to the U.S. in April 2024. His guilty plea came just three months later, in July. At sentencing, U.S. Attorney for the Northern District of Texas Leigha Simonton stressed the vulnerability of everyday homebuyers to such “devious” schemes, reminding the public of precautions like confirming wire instructions in person or by phone.
“Mr. Ojelade’s actions exploited individuals during one of the biggest transactions of their lives, leaving victims devastated and financially strained,” stated Acting Special Agent in Charge P.J. O’Brien of the FBI’s Dallas Field Office. He added that financial crimes like these often leave victims without recourse, as funds are rarely recovered in full.
Following his prison sentence, Ojelade will be deported to Nigeria. The FBI’s Dallas Field Office led the investigation with significant international cooperation. FBI International Operations at Mission U.K., U.K. authorities, and the U.S. Marshals Service supported the investigation, while the Justice Department’s Office of International Affairs facilitated Ojelade’s arrest and extradition. Assistant U.S. Attorney Matthew Weybrecht prosecuted the case.
Ongoing efforts are aimed at tracing additional funds and identifying potential co-conspirators involved in Ojelade’s operation. The FBI encourages anyone with information on similar scams to report details to their local office.
