Three Nigerian Nationals Indicted in $3 Million Internet Investment Fraud Scheme

Defendants impersonated financial brokers and used sophisticated online tactics to steal millions from victims across the U.S.

Federal prosecutors have charged three Nigerian men with orchestrating a sophisticated internet-based investment fraud scheme that defrauded victims out of more than $3 million, the U.S. Attorney's Office for the District of New Jersey announced today.

The defendants—Augustine Chibuzo Onyeachonam, 30; Stanley Asiegbu, a.k.a. “Stanislaus Asiegbu,” 37; and Chukwuebuka Nweke-Eze, 29—have been indicted on multiple charges, including wire fraud conspiracy, securities fraud conspiracy, identity theft, and aggravated identity theft. All three remain at large in Nigeria.

Complex Fraud Operation

Prosecutors allege the defendants conducted the scheme from at least 2018 to the present, targeting victims across the United States, including in New Jersey. The defendants impersonated licensed brokers registered with the Financial Industry Regulatory Authority (FINRA), created fraudulent websites mimicking legitimate brokerages, and used these “spoofed” sites to solicit investments.

According to the indictment, the spoofed websites featured stolen credentials of legitimate brokers, including CRD numbers, links to FINRA profiles, and counterfeit U.S. Securities and Exchange Commission (SEC) seals. Using fake social media accounts and online comments on financial and cryptocurrency articles, the defendants lured victims to the websites and offered promises of substantial investment returns—up to 25%.

Victims were instructed to open cryptocurrency trading accounts, purchase digital assets, and transfer funds to wallets controlled by the defendants. Instead of investing the money, the defendants allegedly stole the funds and even created fraudulent online platforms to display fake investment returns. When victims attempted to withdraw funds, they were asked to pay additional "fees" or "taxes," which the defendants also stole.

Impersonation with Technology

The defendants allegedly employed voice-changing software to impersonate female brokers in telephone communications with victims. Prosecutors claim this added a layer of authenticity to their fraudulent operation.

In total, the scheme defrauded dozens of victims of at least $3 million, with funds stolen directly from victims’ cryptocurrency accounts or through bogus investment platforms.

Legal Ramifications

Each count of wire fraud and wire fraud conspiracy carries a maximum sentence of 20 years in prison and fines of up to $250,000. The securities fraud conspiracy charge also carries a 20-year maximum sentence, while the identity theft conspiracy charge could result in up to 15 years in prison. Aggravated identity theft charges mandate a minimum two-year sentence.

In addition to the criminal charges, the SEC has filed a civil complaint against the defendants for the same conduct.

Special agents of the FBI’s Newark Atlantic City Resident Agency, under Acting Special Agent in Charge Nelson I. Delgado, led the investigation, with assistance from Assistant U.S. Attorneys Anthony P. Torntore and Andrew Kogan of the Cybercrime Unit.

The defendants are presumed innocent until proven guilty, and the investigation into the full scope of the scheme remains ongoing.