PROVIDENCE, RI — A Rhode Island woman pleaded guilty in federal court to operating an unlicensed money transmitting business that moved funds between individuals in the United States and foreign countries, according to the U.S. Attorney's Office.
Bukky Olukoga, 52, has a sentencing date set for Oct. 27, the U.S. Attorney's Office said in a media release.
"According to court documents, Olukoga owned and controlled Grace's Property Investment LLC, a Rhode Island entity that used her prior and current residential addresses as business locations," the release said.
"Using bank accounts held in her name and in the name of Grace's Property, Olukoga opened and maintained accounts at multiple financial institutions, including Santander Bank, Washington Trust, Citizens Bank, TD Bank, and Bank of America. She also created and used peer‑to‑peer mobile payment accounts, including Cash App and Zelle," according to the release.
Starting Feb. 16, 2020, and continuing through April 17, 2022, "Olukoga received funds from third parties through cash, money orders, deposits, and electronic transfers into accounts under her control," the release said.
"She then transferred those funds to bank accounts held by individuals and entities overseas, including recipients in Nigeria and China," according to the release, and received a fee for the transfers.
"Olukoga did not possess the licenses required to operate a money transmitting business at the state or federal level," the release said.
As part of her plea deal, Olukoga "agreed to forfeit approximately $203,969 in assets involved in or derived from the offense, including U.S. currency and funds seized from bank and investment accounts," according to the release.
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