The U.S Department of Justice (DOJ) has convicted several fintech executives for laundering 160 million dollars to Nigeria. The U.S Department of Justice (DOJ) in a statement said Ping Express “transferred millions of dollars from the United States to Africa and has admitted that it failed to adequately guard against money laundering.”
U.S. Attorney for the Northern District of Texas Chad E. Meacham announced that Ping Express U.S. LLC pleaded guilty to failure to maintain an effective anti-money laundering program.
Ping Express has Nigerian-born executives – CEO Anslem Oshionebo and Ping COO Opeyemi Odeyale – who pleaded guilty to failure to maintain an effective anti-money laundering program. Ping’s IT/ Business Development Manager, Aleoghena Okhumale, pleaded guilty to knowingly transmitting illegally derived funds.
The CEO and COO were recently each sentenced to 27 months in federal prison, while the IT/Business Development Manager received a prison sentence of 42 months, the DOJ said.
The company faces five years of probation and a fine of up to $500,000. The sentencing is scheduled for December 19th, 2022.