Nigerian Citizen and Three Other Individuals Sentenced in Connection with a $1.7 Million Money Laundering Operation

Summary

A Middle District of North Carolina U.S. Attorney's Office release dated August 5, 2026: four people were sentenced over a money laundering operation that attempted to launder about $1.7 million in fraud proceeds from business email compromises, modified checks, false ACH schemes, false EIDL applications and false unemployment claims. Lisa Farrow recruited Victoria Stone and William Atwater to open bank accounts and move the money with Adedayo Fateru, a Nigerian citizen and U.S. Permanent Resident. Stone opened ten accounts, received about $1,036,679 and withdrew about $187,375 in hundreds of smaller transactions; Atwater received about $704,320 and removed about $390,352 in over 150 transactions. Fateru received 87 months, followed by transfer to ICE custody for removal proceedings, Farrow 45 months, Atwater 33 months and Stone 25 months, each with supervised release.

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Full text

Greensboro, N.C. – Four individuals have been sentenced to imprisonment in connection with a money laundering operation in which the individuals attempted to launder the proceeds of approximately $1.7 million in fraud proceeds, announced United States Attorney Dan Bishop of the Middle District of North Carolina (MDNC). According to court documents, Internal Revenue Service Criminal Investigation and the United States Postal Inspection Services (“USPIS”) investigated Adedayo Fateru, a Nigerian citizen and U.S. Permanent Resident, Lisa Farrow, William Atwater, and Victoria Stone for a money laundering ring involving the proceeds of various wire fraud schemes including business email compromises (“BEC”), modified check schemes, false ACH schemes, false applications for Economic Injury Disaster Loans (“EIDL”) provided during the COVID-19 pandemic, and false applications for unemployment benefits. Farrow recruited Stone and Atwater into the conspiracy to work along with Fateru. Farrow and Fateru provided Stone and Atwater directions on opening bank accounts and how to move the fraud proceeds. Farrow and Fateru would also collect portions of the money that Stone or Atwater withdrew from their bank accounts. Stone opened ten bank accounts and received, across those accounts, approximately $1,036,679 in proceeds from various wire fraud scams, including BECs. Stone was able to withdraw approximately $187,375 by conducting hundreds of smaller transactions, including automated teller machine withdrawals and debit card cash advances designed to move and conceal the fraud proceeds. William Atwater opened numerous bank accounts in his name to receive the proceeds of various wire fraud schemes including, among others, false applications for EIDLs and a BEC scam. In total, Atwater received fraud proceeds of approximately $704,320 into his bank accounts. Atwater was able to withdraw or remove approximately $390,352 by conducting over 150 different transactions designed to move and conceal the fraud proceeds. Fateru was sentenced to 87 months of imprisonment followed by three years of supervised release. Upon completion of his sentence, Fateru will be transferred to ICE custody for removal proceedings in accordance with U.S. immigration law. Farrow was sentenced to 45 months of imprisonment followed by three years of supervised release, Atwater was sentenced to 33 months of imprisonment followed by two years of supervised release, and Stone was sentenced to 25 months of imprisonment followed by three years of supervised release. IRS Criminal Investigation and the USPIS are investigating the case. Assistant U.S. Attorney Ashley Waid of the Middle District of North Carolina is prosecuting the case.

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