Koreatown Lawyer Faces Federal Indictment for Money Laundering, Tax Evasion, and Obstruction
A federal indictment accuses 67-year-old Koreatown lawyer Paulinus Iheanacho Okoronkwo of complex financial and legal misconduct. His charges relate to a $2.1 million transaction involving Nigerian and Chinese state-owned oil companies.
Detailed Charges and Legal Provisions
- Money Laundering Charges:
- Incident: Okoronkwo allegedly received a $2.1 million bribe from Addax Petroleum for influencing drilling rights negotiations in Nigeria.
- Charges: He is charged with three counts of engaging in monetary transactions in property derived from specified unlawful activity, violating Title 18 United States Code Section 1957. Each count carries a maximum sentence of 10 years in federal prison.
- Tax Evasion:
- Incident: The indictment accuses Okoronkwo of excluding the bribe payment from his 2015 federal income tax return.
- Charge: This results in a charge of tax evasion under Title 26 United States Code Section 7201, which could lead to a maximum of five years in federal prison.
- Obstruction of Justice:
- Incident: Allegedly, Okoronkwo provided false statements to investigators in 2022.
- Charge: This has led to an obstruction of justice charge under Title 18 United States Code Section 1503, with a potential maximum sentence of 10 years in federal prison.
Context of the Bribery and Money Laundering Scheme
In 2015, while an NNPC officer, Okoronkwo received a payment from Addax Petroleum, disguised as consulting fees. Investigators allege this was a bribe for securing drilling rights. In 2017, Okoronkwo used used $983,200 of the illegally obtained funds to buy a Valencia property, indicating money laundering involvement.
If found guilty on all counts, Okoronkwo could receive up to 10 years in federal prison for each money laundering and obstruction of justice charge, and 5 years for tax evasion.
