BALTIMORE - (09/23/05) -- In a scam airily familiar, aNigerian immigrant who worked as a baggage handler for SouthwestAirlines was sentenced to prison this week for stealing thousandsof credit union and bank credit cards off the airmail atBaltimore-Washington International Airport, then shipping them toNew York where confederates exchanged them for millions of dollarsin cash and merchandise. Kehinde Oladapo, 48, one of five peoplecharged in a scheme that netted $7 million from more than 250victims nationwide, was sentenced to 14 years behind bars. He tookthe mail to his home in Lanham and sent it to three friends inBrooklyn, N.Y., who activated the credit cards and bought things,got cash advances and made ATM withdrawals. The men also set upbank accounts under phony names to cash stolen "convenience checks"- credit card cash promotions offering low interest rates. Thescheme sounds close to one perpetrated by another group of Nigerianimmigrants out of Dulles International Airport, just down the road,in northern Virginia, but authorities told The Credit Union Journalthey don't believe the schemes are related. The Dulles ring stolecredit cards from 54 area credit unions and the large credit cardcompanies, including MasterCard, Visa, American Express andDiscover. Everyone charged in the Baltimore scheme is from Nigeria,though Oladapo is a U.S. citizen. Postal inspectors beganinvestigating last year after losses reported by credit unions andbanks were traced to mail that went through BWI. In May, a federaljury convicted Oladapo's wife, 46-year-old Olushola Oladapo, ofpossession of stolen mail and aiding and abetting the scheme. Shewill be sentenced in October, as will Brooklyn residents OladapoUdukale, 34, and Morsuru Sogbesan, 38. Both pleaded guilty infederal court in New York to conspiracy to commit mail theft andconspiracy to commit bank fraud. The fifth person charged, BabatopeOlawaseun of Brooklyn, is believed to have fled thecountry.
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JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
June 26 -
House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
June 26 -
The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.
June 26 -
A new lawsuit seeking class-action status alleges that FirstBank Puerto Rico knowingly facilitated Jeffrey Epstein's sex trafficking operation by failing to enforce basic anti-money-laundering and know-your-customer rules.
June 26 -
Pinnacle Financial Partners' headquarters is moving to a new 25-story office tower in Midtown Atlanta; New Jersey-based Provident Bank appoints Adriano Duarte to succeed Thomas Lyons as chief financial officer; Binance will shut down services for customers in France, Italy, Spain and Poland after the exchange withdrew its MiCA licence application in Greece; and more in this week's banking news roundup.
June 26 -
The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.
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