Jacob Olalekan Ponle, also known as Woodberry, has been sentenced to 8 years and 3 months in prison by a US federal judge for orchestrating a multi-million dollar fraud scheme.
Woodberry was handed the sentence on Monday, July 11th by Judge Robert Gettleman of the US District Court for the Northern District of Illinois in Chicago.
According to court documents, the judge sentenced Ponle to 100 months in prison.
He will be held at the Federal Correctional Institution in Danbury, Connecticut where he can receive visits from family members and his American fiancée.
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After completing his sentence, Woodberry will be handed over to US Immigration and Customs Enforcement (ICE) for deportation back to Nigeria.
Although the court determined Woodberry had the financial means to repay the full amount, he was ordered to pay close to $8 million in restitution to seven identified victims without interest.
The 31-year-old was arrested back in June 2020 alongside Ramon “Hushpuppi” Abbas who has since been jailed for 11 years for similar cyber fraud crimes.
US prosecutors had pushed for a 14-year sentence for Woodberry citing the sophisticated nature of his schemes which targeted US businesses and individuals from January to September 2019.
In addition to his prison term, the court authorized the sale of 152 bitcoins seized from Woodberry.
Luxury items including a Rolls-Royce, Lamborghini, Mercedes-Benz, Rolex watches and jewelry will also be forfeited.
Woodberry was renowned for showcasing his opulent lifestyle on social media.
