Ramirez’s scam involved defrauding investors by promising them US green cards through the EB-5 Immigrant Investor Program.
The Lagos State Special Offences Court has sentenced American businessman Marco Antonio Ramirez to 74 years in prison for defrauding victims of $1.2 million in an EB-5 visa fraud scheme.
Ramirez, who said he helped investors obtain U.S. visas, was convicted on several fraud charges.
Judge Mojisola Dada, who presided over the case, found Ramirez guilty of two consolidated charges brought by the Economic and Financial Crimes Commission (EFCC).
Ramires has met some fraud points, especially by receiving money on false offer and flights.
The judge declared eight years in seven and eight years, respectively, for one to six years, and for 10 years, respectively.
An additional 10 years' imprisonment was imposed on each of counts 1 to 12 and 13 to 16.
Judge Dada said: "The convicts fraudulently misappropriated investment funds for their own use. The prosecution successfully proved that the promises made to the victims were false and that the funds were fraudulently obtained."
His companies, USA Now LLC, Eagle Ford Instalodge Group LP and USA Now Energy Capital Group LP, were used to solicit funds from investors through false promises of US permanent residency.
One of Ramirez's victims, Godson Etchegail, lost $545,000 in fees allegedly related to the investment scheme.
The EFCC, which prosecuted the case, presented evidence showing that Ramirez misappropriated funds for his personal use.
Ramirez was initially charged with 12 counts of fraud, but was re-indicted on 16 counts in June 2022.
The crimes, which took place in Lagos in 2013, were committed under the pretense of obtaining U.S. visas for investors.
Lawyer EFCC M.S. and Samuel Dji have offered witnesses and documents during the trial.
The case faced several delays, but the final submission was made on May 8, 2024.
Judge Dada delivered his long-awaited decision on Tuesday.
In addition to the $1.2 million fraud, Ramirez was also found guilty of a separate fraud charge of $368,698.24 and another case in which he defrauded Gabriel Ogie Edeogon of $250,000 in July 2013.
This ruling marks a significant victory for the EFCC in their continued fight against international fraud in Nigeria.
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