Oluwafemi Osinowo, a Nigerian man residing in the United States, has been sentenced to 41 months in a federal prison after being convicted of operating an illegal money transmitting business.
U.S. Attorney Ronald C. Gathe, Jr. announced the sentencing in a press release issued by the U.S. Attorney’s Office for the Middle District of Louisiana on Monday. Chief Judge Shelly D. Dick also sentenced Osinowo, 35, to three years of supervised release following his prison term.
As part of his guilty plea, Osinowo admitted to running an unlicensed money transmitting business from December 2016 to January 2019. He conducted foreign currency exchanges without adhering to the necessary federal registration requirements.
During his illegal operations, funds were transmitted from third parties in the Middle District of Louisiana and other locations to bank accounts in Miami, Florida. An agent working for Osinowo’s business then wired the money to a bank in Lagos, Nigeria. These transactions included approximately 51 separate transfers, totaling around $722,177.
The authorities emphasized that Osinowo’s activities violated federal regulations and underscored the importance of complying with legal financial practices. The case highlights ongoing efforts to curb illegal financial operations and enforce strict penalties for violators.
Osinowo’s conviction serves as a warning to others engaging in similar illegal activities, demonstrating the severe consequences of operating unlicensed money transmitting businesses.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
