Mr. Woodberry, known as Olalekan Jacob Ponle, has admitted to committing wire fraud.
Additionally, he consented to turn over to the foreign government luxury cars, watches, and $8 million in wire fraud proceeds.
In a plea declaration filed on April 6 at the United States District Court of the Northern District of Illinois Eastern Division, Woodberry, a known associate of the now-incarcerated internet fraudster Ramon Abbas, also known as Hushpuppi, admitted guilt to one count of the indictment, according to the Peoples Gazette.
He must repay the $8 million he fraudulently got from the seven businesses he defrauded, per the terms of his plea agreement.
The document containing Mr. Ponle’s signed plea declaration stated, “Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.”
Additionally, Woodberry was ordered to give up his claim to the expensive cars and designer watches he had hidden in Dubai.
The high-end vehicles include a Mercedes-Benz G-class, a Lamborghini Urus (N4973), and a Rolls-Royce Cullinan with vehicle number J9153 (G68816).
Four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three pairs of gold and diamond stud earrings, and six gold neck chains are among the additional things taken.
He forfeited 151.8 Bitcoin to the US government last year.
Woodberry and Ramon Hushpuppi Abbas, who is presently serving an 11-year term for a related fraud offense, were both apprehended in Dubai on June 10, 2020.
Before being taken into custody, Woodberry was well-known for wearing and flaunting pricey designer clothing as well as displaying his unlawful income to his voluminous Instagram following, most of whom were unaware that his opulent lifestyle was supported by cybercrime.