Federal authorities say a man from Rhode Island has been convicted for his role in a bank fraud conspiracy that targeted financial institutions in South Jersey and beyond.

U.S. Attorney Philip Sellinger says 42-year-old Olayinka Peter Olaseinde of Providence, RI, was convicted on Tuesday of one count of bank fraud conspiracy and three counts of bank fraud following a five-day bench trial in Camden federal court.

According to Sellinger's office,

Olaseinde was part of a Nigerian-based, multi-layered criminal organization that engaged in a bank fraud conspiracy in several states, including New Jersey, Pennsylvania, Maryland, and Rhode Island, from June 2016 to March 2020. Members of the group acquired business checks that were stolen from the United States mail, altered the payee on the checks to a fraudulent name and deposited the checks into bank accounts that had been opened with counterfeit foreign passport documents and counterfeit U.S. visas that matched the names on the altered checks.

Members of the group also opened credit card and bank accounts using stolen personal information, took cash advances on those fraudulent credit cards, and deposited fraudulent checks. After banks credited the funds to the accounts, the defendants withdrew the money from ATMs or bought money orders, using debit cards associated with those fraudulent accounts.

Get our free mobile app

Olaseinde’s role

Officials say Olaseinde’s role in the conspiracy included making deposits of stolen and altered, or otherwise fraudulent, checks into several of accounts and making purchases and withdrawing funds from the accounts.

Sentencing

Each of the four counts on which he was convicted carries up to 30 years in prison and a maximum fine of $1 million.

Sentencing is scheduled for October 27th.

Others involved

Five other conspirators have pleaded guilty; one of them has already been sentenced while the others are awaiting sentencing. Charges against six other defendants remain pending.

Don't get fooled: Here's 24 scam texts I received in just one month

Although some may be humorous, others appear legit. Here are 24 texts I received in just one month's time, as well as one I'm surprised I never got.

Spam texts are listed in the same order that was received.

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.