Woodberry Pleads Guilty to Wire Fraud, Agrees to Forfeit $8 Million and Luxury Assets

Woodberry Pleads Guilty to Wire Fraud, Agrees to Forfeit $8 Million and Luxury Assets

Olalekan Jacob Ponle, popularly known as Mr. Woodberry, has recently entered a guilty plea for his involvement in wire fraud, according to a report from the Peoples Gazette. Woodberry, a known associate of the currently imprisoned internet fraudster Ramon Abbas, or Hushpuppi, submitted his plea declaration at the United States District Court of the Northern District of Illinois Eastern Division on April 6. He pleaded guilty to count one of the indictments, thereby acknowledging his role in defrauding several companies through wire fraud.

As part of his plea agreement, Woodberry has consented to forfeit a staggering $8 million in proceeds from his fraudulent activities. This sum is the total amount he acquired through his scams, which targeted seven companies. In addition to this financial forfeiture, Woodberry is required to relinquish various luxury assets to the foreign government.

Among the possessions that Woodberry must forfeit are several high-end vehicles and designer watches, which he had stored in Dubai. The luxury cars include a Rolls Royce Cullinan bearing the vehicle number J9153, a Lamborghini Urus with the number N4973, and a Mercedes-Benz G-class with the identifier G68816. The forfeiture of these items is mandated by the document containing Mr. Ponle’s signed plea declaration.

The document states, “Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.” By agreeing to these terms, Woodberry has accepted the consequences of his actions and will face the penalties outlined in his plea agreement.

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