Olalekan Jacob Ponle, a Dubai-based socialite and close associate of famous Nigerian Instagram influencer and convicted felon Ramon Olorunwa Abbas, popularly known as Hushpuppi, has pleaded guilty to fraud charges against him in a United States court.

Olalekan Ponle, commonly known as Woodberry, agreed to forfeit $8 million in proceeds from the fraudulent scheme known as business email compromise (BEC).

Woodberry had earlier pleaded not guilty at first to the eight-count fraud charge brought against him for engaging in a scheme known as BEC.

However, in a plea declaration submitted at the United States District Court for the Northern District of Illinois Eastern Division on the 6th of April, Woodberry had a rethink and now pleaded guilty to count one of the indictments.

According to his plea agreement, he was required to repay the $8 million he fraudulently received from seven companies that fell for his scam.

Part of his plea bargain includes the forfeiture of his luxury cars and expensive fashion accessories, including four Rolex watches and three Audemars Piguet watches. One Patek Philippe watch, six gold neck chains, and three gold and diamond studded earrings

While the luxury cars Woodbery would forfeit include a Lamborghini Urus (N4973), a Mercedes-Benz G-class (G68816), and a Rolls-Royce Cullinan with vehicle number J9153.

Recall that Woodberry had in 2022 forfeited 151.8 bitcoins, or about $6 million, to the American government.

He was arrested in Dubai on June 10, 2020, alongside Hushpuppi, who is currently serving an 11-year sentence for a similar fraud charge.