THIS DIDN’T END WELL: ‘Catch Me If You Can’ Ringleader Gets 20 Years for HELOC Scam Run from NJ Luxury Apartment

A New Jersey man who turned home-equity lines of credit into his personal ATM has been sentenced to 20 years in federal prison after a jury found him guilty of bank fraud conspiracy, money laundering conspiracy, and nine counts of aggravated identity theft, according to the U.S. Attorney’s Office for the Northern District of New York.

Prosecutors say Oluwaseun Adekoya, 40, of Cliffside Park, New Jersey — known online as “Ace G.,” “Legendary,” and a string of other aliases — ran a nationwide scheme that quietly drained more than $2 million from home equity lines of credit (HELOCs) at credit unions across the country.

Luxury apartment, burner phones, and stolen HELOCs

From a luxury apartment in New Jersey, Adekoya pulled publicly available information on people’s HELOCs, shifting his focus from region to region to stay ahead of law enforcement, according to trial evidence.

He then used encrypted messaging platforms, including Telegram, to obtain sensitive personal data — Social Security numbers, account numbers, mother’s maiden names, and other personally identifying information (PII) — for people with large amounts of equity still available in those credit lines.

Federal prosecutors say Adekoya didn’t act alone. He recruited managers and lower-level “workers” from around the country, supplied them with fake driver’s licenses, and coordinated their travel so they could walk into credit unions, impersonate legitimate customers, and drain their accounts. To avoid being traced, Adekoya allegedly relied on a web of burner phones, encrypted apps, and bank accounts opened in other people’s names to move and launder his cut of the money.

Judge: “Perpetual thief” and “flagrant serial offender”

At sentencing, U.S. District Judge Mae A. D’Agostino called Adekoya a “perpetual thief” and a “flagrant serial offender,” noting that his record of sophisticated identity-theft and fraud crimes dates back to 2008.

Acting U.S. Attorney John A. Sarcone III said Adekoya “abused the privilege of lawful permanent resident status” for nearly two decades, using stolen identities to fund a lavish lifestyle. He added that Adekoya “deserves every last day of his sentence” and is now subject to removal from the United States after serving his time.

FBI Special Agent in Charge Craig L. Tremaroli described Adekoya’s operation as the product of almost twenty years spent building a “massive criminal network” that stole from hard-working Americans.

One suspicious pattern that cracked the case

The case started in May 2022, when Broadview Federal Credit Union (formerly CAP COM Federal Credit Union and SEFCU), based in Albany, New York, noticed a string of suspicious impersonation transactions and alerted the FBI’s Albany Field Office.

That tip triggered a multi-year, multi-agency investigation that eventually led agents back to Adekoya’s luxury apartment. When FBI agents showed up on December 12, 2023 to execute a federal search warrant, Adekoya wiped the primary phone he had allegedly used to run the conspiracy. Even so, investigators recovered multiple burner phones and a trove of luxury goods.

According to court documents, agents seized Rolex watches, a $51,000 Tiffany engagement ring, designer handbags and shoes, and roughly $26,000 in a bank account tied to the scheme. Those items have since been forfeited.

The sentence — and what still hangs over him

Adekoya, a Nigerian citizen who obtained lawful permanent resident status in the United States in the early 2000s, was sentenced to:

• 20 years in federal prison
• Five years of supervised release after prison
• Restitution of more than $2.2 million to the victims
• A mandatory special assessment

He is also subject to removal from the United States after completing his sentence, according to federal authorities.

Thirteen co-conspirators, nationwide footprint

In the wake of the investigation, 13 co-conspirators have pleaded guilty to roles in the conspiracy. According to the U.S. Attorney’s Office, 12 have already been sentenced to combinations of prison time, supervised release, and restitution, while one remains awaiting sentencing. The group includes defendants from New York, Virginia, and other states, underscoring how wide the operation spread before it was dismantled.

Federal prosecutors say the case — branded “Operation Catch Me If You Can” — is now closed. For victims whose HELOCs were quietly raided, the fight now shifts to restitution and repairing the damage left behind.