BOSTON, Mass.- Two Massachusetts men have pleaded guilty in federal court in Boston for their roles in a multi-million-dollar bank fraud and money laundering scheme that targeted financial institutions across Massachusetts, Connecticut, and Rhode Island.
Victor Kolawole, 26, of Brockton, and Keith Wainaina, 24, of Lowell, pleaded guilty to conspiracy to commit bank fraud, bank fraud, and conspiracy to commit money laundering. U.S. District Court Judge Julie E. Kobick has scheduled sentencing for July 23, 2026, for Kolawole and September 9, 2026, for Wainaina.
Federal prosecutors said the scheme began no later than December 2022 and involved the use of stolen customer identity data, including names, dates of birth, Social Security numbers, and bank account information. According to court filings, co-conspirators used this information to create fake identification documents and recruit individuals to impersonate account holders at bank branches.
The impersonators allegedly used the forged IDs to withdraw large sums from victims’ accounts, primarily in the form of cashier’s checks. Kolawole and Wainaina then deposited those checks into accounts they controlled and used the proceeds to obtain additional cashier’s checks, which were funneled to other participants in the scheme.
Investigators said Wainaina deposited or attempted to deposit more than $762,000 in fraudulently obtained funds, while Kolawole deposited approximately $373,000.
A third defendant, Phalentz Vernot, pleaded guilty in December 2025 and is also scheduled for sentencing in July 2026. Several others were arrested in connection with the case in July 2025.
The case was investigated by the FBI’s Boston and New Haven divisions, with assistance from multiple local police departments in Massachusetts, Rhode Island, and Connecticut. It is being prosecuted by the U.S. Attorney’s Office for the District of Massachusetts.
Federal charges in the case carry potential sentences of up to 30 years in prison for bank fraud-related offenses and up to 20 years for money laundering conspiracy, in addition to fines and mandatory penalties in certain counts.
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