A New York resident has pleaded guilty to charges of conspiracy to commit bank fraud using stolen credit cards purchased on darknet cybercrime marketplaces.
Trevor Osagie, a 31-year-old Bronx man, has admitted playing a key role in the operation of a credit card conspiracy group that caused over $1,500,000 in damage to 4,000 account holders.
Osagie committed crimes between 2015 and 2018, using a network of co-conspirators in New Jersey/New York and using various methods to launder their proceeds.
The defendant now faces up to 30 years in prison and a maximum fine of $1,000,000 while sentencing on May 25, 2023.
The cheating system
According to the indictment shared in the US Department of Justice announcement, Osagie purchased thousands of credit and debit card records from dark web markets.
Typically, credit card details end up on the dark web after being stolen from e-commerce sites infected with skimmer, information-stealing malware, or ATM malware.
Osagie was also responsible for recruiting and managing members who would use the stolen credit card details.
The legal document mentions that one of the gang members created fraudulent credit cards using the stolen information, suggesting the crime ring may have obtained magnetic stripe data that enabled it to forge clone cards.
The leader of the ring, Hamilton Eromosele, recruited female operators on social media platforms and directed them to travel to various locations across the country to carry out money laundering.
Eromosele was sentenced to 110 months in prison in 2020 for his involvement in the fraud ring.
These operators traveled across the US to purchase gift cards and luxury goods using fraudulent cards and sold those items for cash.
Ultimately, Eromosele would receive the amounts and distribute the agreed cuts to the co-conspirators.
“Osagie also communicated directly with other co-conspirators, including Wielingen, regarding the stolen payment card information, the locations where the co-conspirators were to use the cards created using the stolen payment card information, and the percentages of revenue Osagie was expected to generate received.” – US Department of Justice.
In addition to the verdict that the US court will rule on May 25, 2023, Osagie must also forfeit any property obtained through the credit card theft scheme.