Two Massachusetts residents, Victor Kolawole of Brockton and Keith Wainaina of Lowell, pleaded guilty in federal court in Boston on Apr. 28 to charges related to a multi-million dollar bank fraud ring operating across Massachusetts, Connecticut, and Rhode Island.
The case highlights the scope of financial crimes targeting local banks and the ongoing efforts by federal authorities to prosecute such offenses. The U.S. Attorney for the District of Massachusetts enforces federal laws through prosecutions involving national security threats and civil rights violations, according to the official website.
Kolawole and Wainaina admitted to conspiracy to commit bank fraud, bank fraud, and conspiracy to commit money laundering. According to prosecutors, beginning no later than December 2022, they worked with Phalentz Vernot and others using stolen personal information from customers at various banks. Imposters were recruited using fake identification documents with real customer names but their own photos. These imposters withdrew large sums from victim accounts as Cashier’s checks that were then deposited into accounts controlled by Kolawole or Wainaina. The funds were used for further fraudulent transactions or paid out as compensation within the group.
Wainaina deposited or attempted deposits totaling over $762,000 in Cashier’s checks drawn on victims’ accounts; Kolawole deposited about $373,000 into his own controlled accounts. Sentencings are scheduled for July 23 and September 9 respectively; Vernot previously pleaded guilty in December 2025 with sentencing set for July 22.
The U.S. Attorney for the District of Massachusetts serves all state residents through offices located at the John Joseph Moakley United States Federal Courthouse in Boston as well as branch offices in Springfield and Worcester according to its official website. The office is part of the United States Department of Justice according to its official website, employs over 200 attorneys, paralegals and professional staff according to its official website, advances community initiatives on civil rights and violence prevention according to its official website, handles both criminal prosecutions and civil litigation for the United States across multiple locations statewide while promoting public safety since its establishment in 1789 according to its official website.
United States Attorney Leah B. Foley announced these developments along with officials from regional divisions of the Federal Bureau of Investigation.