DOJ: Georgia man going to prison for scamming victims out of tens of thousands of dollars

• Odiboh and co-conspirators defrauded four victims, with total loss and attempted loss of $356,500.
• Victims were targeted through online romance and business scams, including gift cards, checks, Zelle, CashApp, and wire transfers.

Stephen Odiboh, convicted of conspiracy to commit wire fraud, received a 33-month prison sentence and must pay $196,500 in restitution. He and co-conspirators defrauded four victims between 2023 and March 2025, using online romance and business scams to solicit funds via gift cards, checks, Zelle, CashApp, and wire transfers.

Victims were manipulated through false identities and stories, including claims of customs fines and business deposits. The schemes involved attempted and actual losses totaling $356,500, with some payments intercepted by banks. The investigation was led by the FBI and IRS Criminal Investigation Division.

• 33 months prison sentence for Stephen Odiboh
• $196,500 restitution ordered
• $356,500 total loss and attempted loss

• Review transactions involving gift cards, checks, Zelle, CashApp, and wire transfers for typologies matching Odiboh's schemes.
• Screen for false identities such as 'Oliver Wilson', 'Alex Alberto', 'William Rivera', and 'Alec Jonas' in customer onboarding and transaction monitoring.
• Flag and investigate large check payments and wire transfers to individuals and entities linked to romance or business scams, as described in the DOJ case.

This case highlights the evolving tactics used in online romance and business scams, including the use of multiple payment methods and false identities. Compliance officers must be vigilant in detecting unusual patterns, such as repeated gift card purchases, large check payments, and wire transfers to individuals with limited prior relationship history. The involvement of multiple victims and substantial losses underscores the importance of robust transaction monitoring and customer due diligence to prevent and detect fraud and money laundering activities.