Okechukwu Josiah Odunna of Nigeria arrested for masterminding a fraudulent real estate operation that deceived financial institutions in Florida, leading to significant losses

Miami, Florida – A man from Abuja, Nigeria, appeared in a Miami federal court for the first time, accused of orchestrating a multi-million dollar fraud scheme involving fraudulent real estate transactions in Florida. The U.S. Department of Justice announced that Okechukwu Josiah Odunna, 60, played a central role in a plot that resulted in approximately $8 million in losses to American financial institutions. The scheme, which spanned several years, allegedly involved falsified loan applications and fraudulent property purchases.

Read also: Federal jury convicts Florida man, Dustin Sean McCabe, of manslaughter and fraud after deadly boating accident and deceptive COVID relief claims that exposed reckless conduct and financial exploitation

Odunna was arrested by Nigerian authorities on September 24, 2024, following a U.S. extradition request. After waiving extradition, he was transferred to the Southern District of Florida on March 6, where he has remained in custody. His pretrial detention and arraignment hearings are scheduled for March 11 before U.S. Magistrate Judge Jonathan Goodman. If convicted, he faces up to 30 years in prison for each charge of wire fraud and conspiracy to commit wire fraud affecting a financial institution.

Prosecutors presented evidence that between December 2005 and May 2008, Odunna and his co-conspirators engaged in a systematic effort to defraud financial institutions by misrepresenting critical details on loan applications. These fraudulent applications inflated the purchase prices of properties, misrepresented the identities of buyers, and fabricated details about financial transactions associated with the sales. As a result, lenders issued significantly higher loan amounts than they otherwise would have, unknowingly funding a massive fraud operation.

Read also: A night of celebration in Lauderdale Lakes ends in tragedy as gunfire erupts, leaving the community searching for answers after a fatal shooting

As a licensed attorney at the time, Odunna played a critical role in facilitating the fraudulent transactions. He was one of the directors of Direct Title and Escrow Services, Inc. (DTES) and acted as the settlement agent in roughly 20 property closings tainted by fraud. To obscure the illegal activity, he and his associates prepared and distributed multiple versions of settlement statements, some of which contained misleading information regarding sale prices, buyers, and financial disbursements. These deceptive tactics allowed them to extract funds under false pretenses while shielding their fraudulent dealings from scrutiny.

The indictment also names several co-conspirators who were charged alongside Odunna. Among them was Karl Oreste, who pleaded guilty and received a 100-month prison sentence. Another co-conspirator, Marie Lucie Tondreau, who previously served as the Mayor of North Miami, was convicted at trial and sentenced to 65 months in prison. A third accomplice, Kelly Augustin, remains a fugitive.

The FBI Miami Field Office and the Florida Office of Financial Regulation led the investigation, with significant assistance from the Justice Department’s Office of International Affairs. Nigerian authorities, including the Ministry of Justice and the Economic and Financial Crimes Commission, played a key role in securing Odunna’s arrest and extradition. The FBI’s International Operations Division and its Africa Unit Legal Attaché Office also contributed to the case.

Read also: Florida’s fight against the fentanyl crisis intensifies as Attorney General Uthmeier’s office charges 33 in a sweeping, multi-jurisdictional drug trafficking bust

Prosecutors handling the matter include Assistant U.S. Attorney Ana Maria Martinez, with Assistant U.S. Attorney Daren Grove overseeing asset forfeiture. If convicted, Odunna not only faces lengthy prison time but could also be subject to fines and supervised release. A federal judge will determine his final sentence based on statutory guidelines and other legal considerations.

As the case moves forward, authorities emphasize that an indictment is merely an allegation and that Odunna remains presumed innocent until proven guilty beyond a reasonable doubt. The proceedings will continue in the U.S. District Court for the Southern District of Florida, where additional case details and updates can be accessed through official court records.