Olalekan Jacob Ponle, popularly known as Woodberry, who was arrested alongside famous billionaire, Hush Puppy has pleaded guilty to the crime of wire fraud.
Woodberry while signing an agreement to forfeit $8 million in proceeds of wire fraud also gave up his luxury cars and multi-million naira wristwatches.
Woodberry recently made the plea at the United States District Court of the Northern District of Illinois Eastern Division on April 6.
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Contained in his plea agreement, Woodberry is required to pay back the sum of $8 million he swindled from the seven companies.
“Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all right, title, and interest that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offence,” stated the document containing Mr. Ponle’s signed plea declaration.
He was also compelled to forfeit his rights to the luxury cars, and designer watches he had stashed in Dubai.
The high-end automobiles include Rolls Royce Cullinan with vehicle no J9153, Lamborghini Urus (N4973), and Mercedes-Benz G-class (G68816).
READ ALSO: Dubai Police Extradites Hushpuppi And Woodberry To America
Other items seized are four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, three gold and diamond-studded earrings, and six gold neck chains.
Last year, he forfeited 151.8 Bitcoin to the American government.
On June 10, 2020, Woodberry was arrested in Dubai alongside Ramon Hushpuppi Abbas, who is currently serving an 11-year sentence for a similar fraud charge.
Prior to his arrest, Woodberry was known for rocking and flaunting expensive designer wear and showing off his illicit wealth to his massive Instagram followers, the majority of whom had no idea his luxury lifestyle was funded by cybercrime.
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