Okechukwu Josiah Odunna, a 60-year-old Nigerian resident, has been charged with wire fraud and conspiracy to commit wire fraud after allegedly playing a key role in a scheme that defrauded U.S. financial institutions of approximately $8 million. The fraud involved fraudulent loans for around 20 residential properties in Florida, according to the U.S. Attorney’s Office for the Southern District of Florida.
The U.S. Attorney’s Office confirmed that Odunna was arrested in Nigeria on September 24, 2024, under a U.S. extradition request. He is accused of conspiring with others to submit false loan applications between December 2005 and May 2008, leading to fraudulent property transactions.
Odunna, who was a licensed attorney at the time, held a key position as a director of Direct Title and Escrow Services Inc. and acted as a settlement agent in at least 20 fraudulent property closings. According to authorities, Odunna and his co-conspirators provided falsified documents, including settlement statements, to mislead sellers, lenders, and buyers.
The fraud scheme included misrepresenting borrower identities, inflating sale prices, and falsifying financial transactions to cover up the fraudulent nature of the deals. The total financial impact of the fraudulent transactions is reported to be around $8 million.
The U.S. Attorney’s Office noted that Odunna faces up to 30 years in prison for each of the two charges against him, with the potential of facing a lengthy sentence if convicted. His case is being handled by U.S. Magistrate Judge Jonathan Goodman, and Odunna is scheduled for a pretrial detention and arraignment hearing on March 11, 2024.
Authorities have indicated that this case is part of a broader effort to combat real estate and financial fraud, especially involving international conspiracies. Odunna’s arrest marks a significant step in addressing fraudulent activity in the real estate sector, which continues to have lasting financial repercussions on both institutions and homeowners.
