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Jury Convicts 2 In $50M Bank Fraud Conspiracy

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(credit: Jupiter Images)

(credit: Jupiter Images)

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MINNEAPOLIS (AP) — Two people have been convicted for their roles in a $50 million bank fraud conspiracy that spanned several states.

A federal jury found 43-year-old Julian Okeayaninneh, of Colton, Calif., and 35-year-old Olugbenga Temidago Adeniran, of Minneapolis, guilty of multiple counts.

So far, 27 people have either pleaded guilty or been convicted in the scheme, which was carried out from 2006 through 2011 in Minnesota, California, Massachusetts, Arizona, New York and Texas.

As part of the conspiracy, bank employees stole customer identities, then bought and sold the identities so they could be used to create phony accounts, apply for loans, and get cash.

Two other defendants were acquitted Tuesday.

Louis Stephens, special agent in charge of the local U.S. Secret Service office, says the conspiracy had tentacles reaching across the world

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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