A Silver Spring man has been sentenced to prison for his role in a large-scale money laundering scheme that involved approximately $3 million in fraud.
Gedeon “Papa Kwam” Agbeyome, 31, was sentenced by U.S. District Judge Matthew J. Maddox to six years in prison and one year of supervised release for conspiracy to commit money laundering and aggravated identity theft. He was also ordered to pay restitution of $2,938,424.65 and faces a $2.8 million forfeiture.
Related posts
According to federal authorities, Agbeyome was a significant player in laundering funds from a business email compromise scheme that defrauded victims of millions of dollars. Investigators believe he collected at least $2.8 million through bank accounts he constructed and controlled with shell businesses and stolen identities, keeping a percentage of the money for himself.
The scheme, which lasted from June 2021 to May 2023, involved at least 14 people who formed shell companies with no legitimate commercial operations. These organizations were used to open bank accounts and accept fraudulent wire transfers from victims who thought they were paying real contractors or merchants.
According to court records, Agbeyome admitted to participating in an underlying wire fraud scheme involving a victim trust set up to address environmental damage at a California manufacturing company. He utilized three genuine people’s personal information to open financial accounts and hide his involvement, including accounts linked to a Cash App profile.
After the monies were placed, Agbeyome carried out a series of quick transactions to conceal the money’s origin and ownership, thereby aiding the fraud and avoiding detection.
