DENVER (KDVR) — A 37-year-old man has been sentenced after pleading guilty to multiple charges, including wire fraud for a “romance scheme” involving a Colorado woman.
The United States Attorney’s Office for the District of Colorado announced on Tuesday that Seun Akindele, 37, has been sentenced to 71 months in prison and is required to pay over $1.6 million in restitution after pleading guilty to one count of wire fraud and one count of money laundering in a 2018 case.
According to Akindele’s plea agreement, from January to October 2018, Akindele had posed on a dating website “as a wealthy Italian American businessman,” under the name of Frank Labato, where he had met the victim, according to the attorney’s office.
In February and March, Akindele and the victim exchanged communications through email and phone calls, where he told the victim false details about his work and personal background, with images and photos under the persona.
In March, Akindele also told the victim he was facing financial problems, claiming he needed money, funds and assistance. As directed by Akindele, the victim opened a cryptocurrency exchange account and wired over $1.6 million to him.
The attorney’s office said Akindele had converted the money into numerous cryptocurrencies, laundered it across multiple crypto exchanges and later converted it back into U.S. dollars, where he ultimately deposited the money into his personal banking accounts.
After the wire, Akindele told the victim he would repay her and had even provided three fraudulent “promissory notes.”
“This sentence both serves justice to the victim and helps prevent this individual from scamming someone else,” said United States Attorney Peter McNeilly. “This case should be a reminder to the public to be cautious when engaging with people they meet online – especially when those people are asking for money.”
According to the attorney’s office, Akindele had been residing in Minnesota before the arrest and sentencing.
Anthony Sutton is a business strategist and writer with a passion for management, leadership, and entrepreneurship. With years of experience in the corporate world, he shares insights on business growth, strategy, and innovation through management-opleiding.org.
