Mr. Woodberry, also known as Jacob Ponle, a close associate of notorious internet fraudster Ramon Abbas, popularly known as Hushpuppi, has admitted to engaging in wire fraud.
In a plea declaration filed on April 6, 2023, at the US District Court of the Northern District of Illinois, Eastern Division, Mr. Woodberry admitted guilt to one count of the indictment.
As part of his plea agreement, he agreed to relinquish his luxury cars, watches, and $8 million in wire fraud proceeds to the US government.
According to the Nigerian blog, People’s Gazette, the court plea agreement requests that Mr. Woodberry repay the $8 million he fraudulently obtained from seven businesses that he defrauded.
The plea reads: “Defendant understands that by pleading guilty, he will subject to forfeiture to the United States all rights, titles, and interests that he has in any property constituting or derived from proceeds obtained, directly or indirectly, as a result of the offense.”
In addition, Mr. Woodberry was ordered to relinquish his claim to the expensive cars and designer watches he had hidden in Dubai, including a Lamborghini Urus, a Mercedes-Benz G-class, and a Rolls-Royce Cullinan.
In addition, six gold neck chains, three pairs of gold and diamond-studded earrings, four Rolex watches, one Patek Philippe watch, three Audemars Piguet watches, and one Patek Philippe watch were confiscated.
It’s important to remember that Mr. Woodberry already gave the American government 151.8 Bitcoin in 2022. On June 10, 2020, Hushpuppi and Mr. Woodberry were captured in Dubai for their participation in cybercrime.
Mr. Woodberry had a reputation for flashing his money on social media before his arrest, notably by donning pricey designer attire and showing off his ill-gotten earnings to his enormous Instagram following.