Jacob Olalekan Ponle popularly known as Mr Woodberry, the ally of convicted fraudster, Hushpuppi has bagged an eight-year and three months jail term by a US court for coordinating a multimillion-dollar fraud.
Mr. Woodberry will be deported after serving out his prison sentence and will pay seven victims about $8 million in restitution. The court discovered that he can make the full payment but waived all interests on the restitution value.
Prosecutors who discovered that he had 152 bitcoins, had sought for the court’s permission to sell it off. A 30-day notice was issued to the public for anyone with interest in the assets to file claims, but no one with legitimate interest turned up at the time of Mr. Woodberry’s sentencing.
He is expected to forfeit items in the Dubai police custody, such as one Rolls Royce, Lamborghini Urus, Mercedes-Benz G-Class AMG G55, four Rolex watches, one Patek Philippe watch, and three Audemars Piguet watches.
Mr. Woodberry will also forfeit three gold and diamond-studded rings, five gold bracelets and two gold bracelet keys, six gold neck chains, one gold and diamond-studded necklace, one small gold nugget, two bank cards, about $1,835 in Emirati dirhams, and approximately $15.45 in South African rands.