Greenbelt Resident Gets Jail Time for Bank Fraud

A Greenbelt resident has been sentenced to jail time for a bank fraud scheme that resulted in the loss of more than $600,000 to financial institutions, according to a statement released by the U.S. Attorney for the District Court of Maryland. 

Bolarinwa "Bola" Adeyale, 23, of Greenbelt, Maryland and several others came up with a scheme of depositing stolen Bank of America convenience credit card checks into legitimate accounts and then withdrawing the money before the bank recognized the fraud, according to the statement.

The checks were stolen from mailboxes in Prince George’s, Montgomery and Howard Counties and deposited into the bank accounts of college students that had been recruited for this purpose. Bank employees also took part in the scheme by providing the conspirators with “high end” account holder information that resulted in the creation of fraudulent checks, the district court said. 

Trial evidence revealed the a a total of $1.2 million in fraudulent deposits were made from over 50 compromised bank accounts, resulting a loss of over $600,000 to Bank of America.

Adeyale received a 7 year prison sentence, followed by five years of supervised release. Several other co-conspirators were also convicted in the five-day trial and received various prison sentences for their roles in the scheme.