$11m Alleged Fraud: Obinwanne Okeke Pleads Not Guilty, Remanded In Prison

Obinwanne Okeke, the 31-year-old Nigerian held by American
authorities for alleged fraud, entered a plea of not guilty to two
counts of wire and computer fraud at his first hearing on
Monday.

The presiding judge at the Newport News, Virginia, federal
courthouse, declared the case as “complex,” but said Mr Okeke
should be remanded in prison until February 18, 2020 when the trial
would continue. He appeared in court at about 2 p.m. and waived his
right to a speedy trial.

The appearance came a week after a federal grand jury examined
the evidence gathered by the F.B.I. and presented by the United
States Department of Justice and found Mr Okeke guilty as charged
and recommended him for trial.

Upon conviction, the jury also said Mr Okeke should be made to
forfeit at least $11 million in asset and an emerald shaped diamond
engagement ring found on him when he was first arrested by federal
agents as he was about leaving the U.S. on August 6.

The Monday’s appearance marked the commencement of Mr Okeke’s
criminal trial since he was arrested and remanded in custody of the
U.S. Marshals Service more than a month ago.

Read also: Internet Fraud: Court grants one of 80 FBI suspects
N27 million bail

He had made previous appearances before separate judges for
preliminary hearings in his bail applications — all of which were
declined.

Mr Okeke, known in Nigeria as ‘millionaire entrepreneur’
Invictus Obi, was accused by the F.B.I. of orchestrating the theft
of $11 million from a foreign subsidiary of American heavy
equipment manufacturer, Caterpillar.

Using the infamous business email compromise scheme, Mr Okeke
and his alleged accomplices spoofed Unatrac officials into making
illicit transfers of about $11 million over several weeks in the
first half of 2018.

Investigators said those who worked with Mr Okeke remained at
large, and continued to seal crucial references to them in the
case.

Dozens of other Nigerians have been arrested in largely
unconnected fraud busts by American authorities since Mr Okeke was
taken into custody.

Many of those cases were also traced to business email
compromise, a process of targeting unwary business executives now
commonly deployed across intricate networks of cybercriminals.

He faces up to 30 years in prison if convicted, as well as the
possibility of forfeiting any ill-gotten acquisitions traced to
him.

Officials familiar with the trial told PREMIUM TIMES not
Nairalaw the evidence against Mr Okeke was compelling
enough to elicit a guilty plea from him.

But since he had decided to go through the lengthy trial road,
he could face maximum sentences with additional punitive
liabilities if ultimately found guilty.

By the time he returns to court in February 2020, he would have
spent six months behind bars, and could still spend more time in
the course of the trial as authorities continue to mark him as a
flight risk.

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