A New York citizen has admitted guilt to charges of conspiring to commit bank fraud using credit cards that were stolen and bought on the dark web by cybercriminals.
A 31-year-old Bronx resident named Trevor Osagie admitted to being a significant player in the operation of a credit card conspiracy ring that cost 4,000 account holders over $1,500,000 in damages.
Between 2015 and 2018, Osagie committed crimes with a network of accomplices in New Jersey and New York, utilizing a variety of techniques to launder the money.
The penalty will be decided on May 25, 2023, and the defendant is currently facing a maximum sentence of 30 years in jail and a fine of $1,000,000.
The scheme
According to the indictment that was made public in the statement by the US Department of Justice, Osagie bought thousands of credit and debit card records from dark web markets.
Credit card information frequently ends up on the dark web after being taken from e-commerce websites compromised by skimmers, data-stealing malware, or ATM malware.
Osagie was also in charge of selecting and supervising the members who would use the credit card numbers that had been stolen.
According to the legal complaint, one of the gang members used the stolen data to construct false credit cards, suggesting that the crime ring may have been sourcing magnetic stripe data that allowed them to create fake ID cards.
Hamilton Eromosele, the ring’s boss, would use social media to find female operators and provide them instructions on where to go in the country to carry out money laundering.
In 2020, Eromosele received a 110-month prison term for his involvement in the fraud network.
These individuals traveled throughout the country using fake cards to buy luxury products and gift cards, which they then sold for cash.
In the end, Eromosele would get the money and give the conspirators their agreed-upon portions.
“Osagie also communicated directly with other co-conspirators, including Wielingen, regarding the stolen payment card information, the locations where the co-conspirators should use the cards that had been created using the stolen payment card information, and percentages of the proceeds that Osagie expected to receive.” said the U.S. Department of Justice.
Osagie will also be required to relinquish any property acquired via the credit card theft scheme in addition to whatever sentence the American court decides on May 25, 2023.