Olalekan Jacob Ponle, popularly known as Mr Woodberry, has recently pleaded guilty to wire fraud in the United States District Court. Ponle, who is a known associate of the imprisoned internet fraudster Ramon Abbas, also known as Hushpuppi, has agreed to forfeit $8 million in proceeds from his fraudulent activities, as well as luxury cars and watches to the government.
The plea declaration was submitted on April 6 at the Northern District of Illinois Eastern Division, according to reports by the Peoples Gazette.
In his plea agreement, Ponle has accepted responsibility for count one of the indictments and has committed to repay the $8 million he obtained through scamming seven companies. The document containing his signed plea declaration also states that he understands that by pleading guilty, he will be subject to forfeiture of any property or proceeds obtained as a result of the offense.
Furthermore, Ponle has been asked to waive his rights to several luxury cars and designer watches that he had kept in Dubai. The high-end vehicles include a Rolls Royce Cullinan, Lamborghini Urus, and Mercedes-Benz G-class, among others. In addition, several Rolex, Patek Philippe, and Audemars Piguet watches, as well as gold and diamond-studded earrings and neck chains, have been seized.
It is worth mentioning that Ponle had previously forfeited 151.8 Bitcoin to the American government last year. He was arrested in Dubai on June 10, 2020, along with Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge. Ponle was known for displaying his lavish lifestyle on Instagram, flaunting expensive designer wear and showcasing his illicit wealth to his followers, most of whom were unaware that his lifestyle was funded by cybercrime.