Two men pleaded guilty in Massachusetts to roles in a multi-million dollar bank fraud and money laundering conspiracy.
A multi-million dollar bank fraud scheme in New England is moving toward sentencing after two Massachusetts men pleaded guilty to their parts in the case.
According to Misryoum, Victor Kolawole, 26, of Brockton, and Keith Wainaina, 24, of Lowell, entered guilty pleas tied to bank fraud, conspiracy to commit bank fraud, and conspiracy to commit money laundering. The men were scheduled for sentencing on separate dates in July and September.
Misryoum reports that the investigation traced the scheme’s start to around December 2022. when prosecutors said the men began targeting local banks in Massachusetts. Connecticut. and Rhode Island.. Their alleged method involved obtaining personal identifying information and then arranging for impostors to appear as the legitimate customers.
The case centers on how the fraud worked in practice: prosecutors said one participant gained access to customer details such as names. dates of birth. Social Security numbers. and account numbers.. Those details were then used to create false identification documents. including the impostors’ photos. which prosecutors say were presented at banks to facilitate fraudulent withdrawals.
In this context, Misryoum notes that these pleas underscore how identity theft and check-based fraud can be coordinated across multiple states, turning paperwork and verification processes into the weak points of an otherwise routine financial system.
Prosecutors also said the fraud proceeds were routed back into accounts the defendants controlled.. Misryoum reports that the men then used cashier’s checks to purchase additional cashier’s checks payable to another participant. who prosecutors said paid the impostors and individuals described as helping to bypass customer verification steps.
Misryoum further reports that another man, Phalentz Vernot, previously pleaded guilty in December 2025 and is also scheduled for sentencing ahead of the two men. Kolawole and Wainaina each face substantial prison exposure, along with periods of supervised release and fines tied to the charges.
At sentencing, Misryoum says the court will be tasked with weighing the defendants’ roles in a broader conspiracy and the impact on victims and institutions, including the effort required to prevent similar attacks in the future.