Rhode Island Woman Pleads Guilty to Operating Unlicensed Money Transmitting Business

PROVIDENCE – On July 30, 2026, a Rhode Island woman pleaded guilty in federal court to operating an unlicensed money transmitting business that moved funds between individuals in the United States and foreign countries. Bukky Olukoga, 52, pleaded guilty before U.S. District Court Chief Judge John J. McConnell, Jr., to operating an unlicensed money transmitting business. She is scheduled to be sentenced on October 27, 2026. The sentence imposed will be determined by a federal district court judge after considering the U.S. Sentencing Guidelines and other statutory factors. According to court documents, Olukoga owned and controlled Grace’s Property Investment LLC, a Rhode Island entity that used her prior and current residential addresses as business locations. Using bank accounts held in her name and in the name of Grace’s Property, Olukoga opened and maintained accounts at multiple financial institutions, including Santander Bank, Washington Trust, Citizens Bank, TD Bank, and Bank of America. She also created and used peer‑to‑peer mobile payment accounts, including Cash App and Zelle. Between at least February 16, 2020, and April 17, 2022, Olukoga received funds from third parties through cash, money orders, deposits, and electronic transfers into accounts under her control. She then transferred those funds to bank accounts held by individuals and entities overseas, including recipients in Nigeria and China. Olukoga received a fee for transfers she made on behalf of third parties. Olukoga did not possess the licenses required to operate a money transmitting business at the state or federal level. As part of her plea agreement, Olukoga agreed to forfeit approximately $203,969 in assets involved in or derived from the offense, including U.S. currency and funds seized from bank and investment accounts. This matter is being prosecuted by Assistant United States Attorney Denise M. Barton. The investigation was conducted by Homeland Security Investigations (HSI).