Jacob Olalekan Ponle, popularly known as Mr Woodberry, has been sentenced to eight years and three months in prison for organizing a multimillion-dollar fraud.
The convict, who is a well-known associate of imprisoned Nigerian fraudster Hushpuppi, was sentenced on July 11 in Chicago by Judge Robert Gettleman of the United States District Court for the Northern District of Illinois after being convicted on one count of fraud.
It was gathered that seven other counts were dropped as part of a plea agreement in April. Mr. Woodberry is now expected to surrender to the United States Marshals Service for transfer to the Federal Correctional Institution in Danbury, Connecticut, where his family members, particularly his American fiancée, will be permitted to visit him.
Mr. Woodberry, who will be deported after serving his prison sentence, will pay $8 million in restitution to seven victims. This comes after the court discovered that he is financially capable of making the payment in full, without interest.
Prosecutors, who learned he had 152 bitcoins, asked the court for permission to sell them and a 30-day notice was provided to the public for anyone with a legitimate interest in the assets to register claims, but no one showed up at the time of his sentencing.
He is expected to forfeit his assets in Dubai police custody, including a Rolls-Royce, a Lamborghini Urus, a Mercedes-Benz G-Class AMG G55, four Rolex watches, one Patek Philippe watch, and three Audemars Piguet watches.
Mr. Woodberry will also hand over 3 gold and diamond-studded rings, 5 gold bracelets and 2 gold bracelet keys, 6 gold neck chains, 1 gold and diamond-studded necklace, 1 small gold nugget, 2 bank cards, about $1,835 in Emirati dirhams, and approximately $15.45 in South African rands.
