Two Men Plead Guilty in US $1.1M Bank Fraud and Money Laundering Scheme

In late 2022, two Massachusetts residents, Victor Kolawole, 26, and Keith Wainaina, 24, conspired with accomplices to steal customer funds from local banks. They obtained sensitive personal data and arranged for imposters to present fake IDs and withdraw large sums as cashier’s checks. Kolawole and Wainaina then deposited over $1.1 million of these stolen checks into accounts they controlled. They used the proceeds to purchase new cashier’s checks for co-conspirators and paid insiders who helped bypass verification protocols. In July 2025, law enforcement arrested them along with four others. This month they pleaded guilty to bank fraud, conspiracy to commit bank fraud, and money laundering. Sentencing is scheduled for July and September 2026. They each face decades behind bars, substantial fines, and supervised release. The case was handled by the US Attorney’s Office with support from the FBI and several state and local police departments.

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