An American businessman has been sentenced to 74 years in prison for his involvement in a $1.2 million fraud scheme in Lagos, marking a significant ruling in financial crime cases in Nigeria.
Marco Antonio Ramirez, an American entrepreneur, was convicted of running a fraudulent EB-5 visa scheme and has been sentenced to 74 years in prison by the Lagos State Special Offences Court in Ikeja. His victims lost $1.2 million as a result of his criminal activity.
Furthermore, Ramirez was found guilty of defrauding his victims out of $368,698.24 in conjunction with falsely offering them access to the U.S. Green Card and permanent residency by means of the EB-5 Investor Programme.
Multiple counts of fraud and stealing in two consolidated charges brought by the Economic and Financial Crimes Commission (EFCC) were found to be proven against Ramirez by Justice Mojisola Dada, who presided over the case.
The case was established by the EFCC to a degree that surpassed reasonable doubt, as per the court’s decision.
Count one to six resulted in Ramirez being sentenced for eight years each, while count seven and eight led to a sentence of 10 years each. In the second case against him, he was given a punishment of 10 years on counts one through twelve due to his fraudulent activity; furthermore, another ten-year term was added after he had been found guilty on counts thirteen through sixteen pertaining specifically with theft charges.
READ ALSO: 39 Internet Fraudsters Convicted by EFCC
Ramirez’s victims were deceived by his companies, USA Now LLC, Eagle Ford Instalodge Group LP and USA Now Energy Capital Group LP. The EFCC stated that he used the guise of offering participation in the U.S. EB-5 Investor Programme to qualify them for a Green Card as part of his scamming tactics.
Ramirez used the funds for personal gain, instead of fulfilling the promised use.
Godson Echegile was conned out of $545,000 by Ramirez who falsely claimed it was a processing fee for the EB-5 programme.
Ramirez faced 12 charges of fraud during his initial arraignment in 2016, which were subsequently increased to a total of 16 counts by the year 2022. He pleaded not guilty; however, after an extensive trial and cross-examination process, he was ultimately found guilty as charged.
Since 2013, Ramirez has been engaging in fraudulent activities that have had an impact on Gabriel Ogie Edeoghon as well. False promises of investing his money into USA Now Energy Capital Group LP which would secure a U.S Green Card amounted to him losing $250,000.
Ramirez was sentenced to multiple terms of imprisonment by Justice Dada for his crimes, as he had utilized the funds meant for other purposes for personal gains. The judge stressed that Ramirez’s pledges were not true.
