U.S. Court Jails Two Nigerians for Multi-State Bank and Wire Fraud Scheme

A U.S. federal court has sentenced two Nigerian nationals, David Daniyan and Akeem Balogun, to prison for their involvement in a sophisticated bank and wire fraud network that siphoned millions from financial institutions across several states. Their convictions follow a detailed federal probe that uncovered a well-structured operation built on identity theft, forged documents, and coordinated money laundering.

Investigators said the group exploited weaknesses in banking systems, using stolen personal information to access customer accounts and move funds through multiple intermediaries to obscure their origins. The network ran for years before federal agencies successfully dismantled its operations through coordinated law-enforcement action.

Daniyan, 61, was identified as one of the network’s principal operatives responsible for authorising fraudulent transfers and orchestrating the flow of stolen funds. He pleaded guilty to conspiracy to commit bank fraud, money-laundering conspiracy, and aggravated identity theft—charges that carried severe penalties due to the scale of the financial losses.

The court sentenced Daniyan to 54 months in federal prison and ordered him to pay over $2.2 million in restitution. He is also required to complete a supervised release term after incarceration, ensuring long-term oversight and compliance with post-sentence conditions.

Balogun, 56, admitted to participating in the bank-fraud conspiracy, although prosecutors described his role as less central than Daniyan’s. He assisted in manipulating compromised accounts and facilitating illegal withdrawals, fully aware that the funds originated from criminal activity.

For his part, Balogun received a 21-month prison sentence and was ordered to repay $262,200. He will also undergo two years of supervised release, a requirement authorities say is critical to preventing recidivism and ensuring continued monitoring.

Federal officials noted that the case forms part of an intensified crackdown on transnational financial-crime syndicates targeting the U.S. banking system. The investigation relied on digital-forensics teams, inter-agency partnerships, and cooperation from affected banks to trace and recover stolen funds.

Authorities emphasised that the sentencing sends a strong deterrent message to international fraud networks. They reaffirmed their commitment to prosecuting individuals using complex, tech-enabled schemes to undermine financial institutions and erode public confidence in the banking system.