Nigerian man Olugbenga Lawal (also known as Razak Aolugbengela) was sentenced on Monday to 10 years and one month in prison for conspiring to launder millions stolen from elderly victims in internet fraud schemes.
Elder fraud (a form of financial exploitation of adults aged 60 or older) encompasses scenarios where their financial assets, savings, income, or personal identification data are misused or stolen, frequently without their explicit awareness or consent.
Perpetrators commonly employ deceitful tactics to trick their victims, assuming false identities such as government officials, faking romantic involvement, or masquerading as investors, all in an attempt to deceive and defraud their elderly targets.
The FBI
said last year that in 2022 alone, elderly Americans filed 88,262 complaints with its Internet Crime Complaint Center, with a cumulative loss amounting to roughly $3.1 billion.
This marked an 84% surge in losses compared to figures reported in 2021, with each victim incurring average losses surpassing $35,000 and more than 5,000 victims experiencing losses exceeding $100,000.
