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Published August 13, 2012, 03:26 PM

Two sentenced in $50M bank fraud conspiracy

MINNEAPOLIS (AP) — A federal judge has sentenced two men for their roles in a $50 million bank fraud conspiracy that spanned six states.

MINNEAPOLIS (AP) — A federal judge has sentenced two men for their roles in a $50 million bank fraud conspiracy that spanned six states.

U.S. District Judge Michael Davis on Monday sentenced the alleged ringleader, 44-year-old Julian Okeayaninneh of Colton, Calif., to 27 years in prison.

Earlier, Davis sentenced 36-year-old Olugbenga Temidago Adeniran of New York to 22 years in prison.

In February a federal jury convicted Okeayaninneh and Adeniran on multiple counts, including bank fraud conspiracy and aggravated identity theft.

Prosecutors said the scheme depended on identity theft by employees of some of America's largest banks. It was carried out from 2006 through 2011 in Minnesota, California, Massachusetts, Arizona, New York and Texas.

So far, 27 people have either pleaded guilty or been convicted in the scheme.

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