A Nigerian national, Okechukwu Josiah Odunna, has appeared before a federal court in Miami over allegations of participating in a large-scale mortgage fraud scheme that led to an estimated $8 million loss for U.S. financial institutions.
The Justice Department confirmed his extradition from Nigeria following his arrest on September 24, 2024.
Odunna, 60, is facing charges of wire fraud and conspiracy to commit wire fraud affecting financial institutions.
Nigerian authorities extradited him to the Southern District of Florida on March 6 after he waived extradition.
He has remained in custody since his arrest and is set to appear before U.S. Magistrate Judge Jonathan Goodman on March 11 for his pretrial detention and arraignment hearings.
According to court documents, between December 2005 and May 2008, Odunna and his associates allegedly orchestrated a fraudulent scheme involving falsified loan applications to purchase around 20 residential properties in Florida.
The fraudulent activities included submitting misleading financial documents to lenders, inflating property values, and using false borrower identities to secure higher loan amounts.
At the time, Odunna was a licensed attorney and a director at Direct Title and Escrow Services, Inc. (DTES).
He allegedly facilitated the fraudulent transactions by managing property closings and providing misleading financial statements to lenders and sellers to conceal the fraud.
Several of Odunna’s co-conspirators have already faced legal consequences.
Karl Oreste pleaded guilty and received a 100-month prison sentence, while former North Miami Mayor Marie Lucie Tondreau was convicted at trial and sentenced to 65 months in prison.
Another accomplice, Kelly Augustin, remains at large.
If convicted, Odunna faces up to 30 years in prison for each charge, along with possible fines and supervised release. His sentencing will be determined by a federal district court judge based on U.S. Sentencing Guidelines.
The case is being investigated by the FBI Miami Field Office and the Florida Office of Financial Regulation, with assistance from Nigerian authorities, including the Economic and Financial Crimes Commission.
The U.S. Justice Department’s Office of International Affairs played a crucial role in facilitating Odunna’s arrest and extradition.
Assistant U.S. Attorney Ana Maria Martinez is prosecuting the case, while Assistant U.S. Attorney Daren Grove is overseeing asset forfeiture proceedings.
