A Hushpuppi associate, Olalekan Jacob Ponle popularly known as Mr. Woodberry, has confessed to committing wire fraud and agreed to forfeit $8 million in fraudulent proceeds as well as luxury vehicles and watches to the foreign government.
According to reports Ponle, who is associated with the incarcerated internet fraudster, Hushpuppi, pleaded guilty to count one of the indictments on April 6.
As part of his plea agreement, Ponle is required to pay back the $8 million he fraudulently obtained from the seven companies he scammed.
The plea declaration, which was signed by Ponle, stated that he would be subject to forfeiture to the United States of all right, title, and interest he has in any property constituting or derived from the proceeds obtained as a result of the offense.
Ponle was also asked to waive his rights to the luxury cars and designer watches he had in Dubai, including a Rolls Royce Cullinan, Lamborghini Urus, and Mercedes-Benz G-class, as well as four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
In addition, last year, he forfeited 151.8 Bitcoin to the US government. Prior to his arrest, Ponle was known for flaunting expensive designer wear and showing off his illicit wealth to his massive Instagram followers, most of whom were unaware that his luxurious lifestyle was funded by cybercrime.
His sentencing is scheduled for July 11, 2023.