Olalekan Jacob Ponle, known as Mr Woodberry, has pleaded guilty to wire fraud.
He also agreed to forfeit $8 million in proceeds of wire fraud as well as luxury cars and watches to the foreign government.
Woodberry, a known associate of the now-imprisoned internet fraudster, Ramon Abbas, better known as Hushpuppi, recently in a plea declaration submitted at the United States District Court of the Northern District of Illinois Eastern Division on April 6, pleaded guilty to count one of the indictments.
According to his plea agreement, he is required to pay back the sum of $8 million he fraudulently received from the seven companies that he scammed.
“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 offence,” stated the document containing Mr Ponle’s signed plea declaration.
Woodberry was also asked to waive his rights to the luxury cars, and designer watches he had stashed in Dubai.
The high-end automobiles include Rolls Royce Cullinan with vehicle no J9153, Lamborghini Urus (N4973) and Mercedes-Benz G-class (G68816).
Other items seized are four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
Last year, he forfeited 151.8 Bitcoin to the American government.
On June 10, 2020, Woodberry was arrested in Dubai alongside Ramon Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge.
Prior to his arrest, Woodberry was known for rocking and flaunting expensive designer wear and showing off his illicit wealth to his massive Instagram followers, the majority of whom had no idea his luxury lifestyle was funded by cybercrime.