Ramirez’s conviction for fraud to help investors obtain U.S. visas is a case that has rocked the investment world. After being convicted on multiple counts of fraud, Ramirez was given a lengthy prison sentence. Judge Mojisola Dada, who presided over the case, handed down the sentence, emphasizing the seriousness of Ramirez’s actions.
The charges against Ramirez included obtaining money under false pretenses and theft. The court ruled that Ramirez dishonestly converted the investment funds for personal use, and that the promises made to the victims were false, as the funds were obtained under false pretenses.
The scam that Ramirez set up consisted of promising investors permanent residency cards in the United States through the EB-5 visa program. His companies, USA Now LLC, Eagle Ford Instalodge Group LP, and USA Now Energy Capital Group LP, were used to solicit funds from investors by falsely promising them permanent residency in the United States.
One of the defrauded investors, Godson Echegile, lost $545,000, purported to be processing fees for the investment program. The EFCC, which was handling the case, provided evidence showing that Ramirez had diverted the funds for personal use.
Ramirez was initially charged with 12 counts of fraud, but was later retried on 16 counts in June 2022. The crimes, committed in Lagos in 2013, were committed under the pretext of securing U.S. visas for investors.
Ramirez’s defense attempted to challenge the evidence presented by EFCC counsel, but the court ruled in favor of the plaintiffs. After many delays, closing arguments were presented on May 8, 2024. The long-awaited verdict was finally delivered by Justice Dada.
In addition to the $1.2 million scam, Ramirez was also found guilty of another fraud involving $368,698.24, as well as a case where he defrauded Gabriel Ogie Edeoghon of $250,000 in July 2013.
This case highlights the importance of due diligence in the investment arena and underscores the need for investors to carefully vet the propositions made to them. The consequences of such scams can be devastating, not only for the direct victims, but also for the public’s confidence in the integrity of the financial system.