Adekunle Adetiloye massive CREDIT CARD fraud scheme is a high-tech bank robbery — stealing the identities of 38,000 people in order to milk dozens of BANKS. He was convicted in February 2011. And in 2012 issued an 18 year prison term.
The government has petitioned to the 8th U.S. Circuit Court of Appeals, a federal judge ordered Adekunle Adetiloye to PAY about $1.5 million in restitution and forfeiture. Adetiloye is appealing the Dec. 8 judgment.
“To be fair to everybody, the losses in this case are uncommon,” Assistant U.S. ATTORNEY Nick Chase said Thursday. “It’s a hard case in many ways to prove up. There’s just not a lot of law out there on any of this. It’s a little uncharted.”
What isn’t clear, Chase said, is whether anyone will see the restitution payments. Adetiloye’s lawyer wouldn’t comment on his client’s FINANCIAL situation.
Investigators said Adetiloye incorporated two different companies that claimed to be DEBT COLLECTIONcompanies. He gained access to commercial data providers — including large-scale outfits LexisNexis and ChoicePoint that only allow access to law enforcement, financial services and debt collection companies.
Erickson eventually ordered Adetiloye to pay about $770,000 to 17 BANKS. The largest award, nearly $220,000, was for Citi Cards, followed by more than $150,000 to U.S. Bank. The individual awards total about $16,000, with the largest for $1,910.
“A lot of the people didn’t have MONEY directly stolen from them. It was all the banks that had lost money,” Chase said. “People were out a lot emotionally, but you can’t compensate for that.”
Adetiloye argued he should only be held responsible for proceeds he personally obtained, which he said was $0.
“My job is to take a look once again at what the district court did and determine if there are any appealable issues,” said Adetiloye’s appeal lawyer, Steven Morrison.
Chase said it’s hard to predict whether any victims will get paid.
“If we can locate any of this, we are going to try and get the money back,” he said.