A Nigerian national accused of partaking in a multi-million dollar mortgage fraud scheme was extradited from Nigeria in September 2024 and made his first court appearance in a federal court in Miami on March 7.
Okechukwu Josiah Odunna, 60, a resident of Abuja, Nigeria, is accused of playing a key role in a fraud scheme in which he fraudulently obtained loans in connection with the fraudulent purchases of approximately 20 residential properties in Florida. Odunna reportedly used his position as a settlement services agent operating a title and escrow firm to further his criminal enterprise.
This plot resulted in the loss of about $8 million to U.S. financial institutions, the Justice Department announced. He was arrested on Sept. 24, 2024, by Nigerian authorities pursuant to a U.S. extradition request.
According to the indictment, from December 2005 to about May 2008, Odunna and his co-conspirators created a scheme to cheat U.S. banks by making false claims and leaving out important information. They submitted fake loan applications and documents for buying homes, leading banks to lend more money than they should have. The false statements included fake names of borrowers, inflated sale prices, and incorrect details about money transactions for the property purchases.
Odunna, a licensed attorney and one of the directors of Direct Title and Escrow Services, Inc., acted as the settlement agent in around 20 fraudulent property closings. To hide the fraud, he and his accomplices gave sellers and lenders two different settlement statements that contained false or missing information.
If convicted, Odunna faces up to 30 years in prison for conspiracy to commit wire fraud affecting a financial institution and up to 30 years for wire fraud affecting a financial institution. Each count may also include a fine and supervised release.
Odunna’s co-conspirators, charged in the same indictment, included Karl Oreste, Marie Lucie Tondreau and Kelly Augustin. Oreste pleaded guilty and was sentenced to 100 months in prison. Tondreau, who was the former mayor of North Miami, was convicted at trial. She was sentenced to 65 months in prison. Augustin remains a fugitive.
U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office and Commissioner Russell C. Weigel, III, of the Florida Office of Financial Regulation, announcedthe charges against Odunna.
Assistant U.S. Attorney Ana Maria Martinez is prosecuting the case. Assistant U.S. Attorney Daren Grove is handling asset forfeiture.