Ramirez, who promised investors U.S. visas through the EB-5 immigrant investor program, was convicted on multiple counts of fraud.
An American businessman, Marco Antonio Ramirez, was sentenced to 74 years in prison by a Lagos State Special Offences Court in Ikeja for defrauding victims of $1.2 million through an EB-5 visa scam.
Ramirez, who promised investors U.S. visas through the EB-5 immigrant investor program, was convicted on multiple counts of fraud.
Justice Mojisola Dada, who presided over the case, found Ramirez guilty of two separate consolidated charges brought by the Economic and Financial Crimes Commission (EFCC).
The court ruled that the prosecution had proven the case beyond reasonable doubt, leading to his conviction for obtaining money under false pretenses and stealing.
On the first charge, Ramirez was sentenced to eight years each on counts one to six, and 10 years each on counts seven and eight.
For the second charge, he received 10 years each on counts one to 12, and an additional 10 years each on counts 13 to 16, all related to fraud.
In total, Ramirez was ordered to serve 74 years behind bars for his role in the fraudulent scheme, which also included an additional fraud amount of $368,698.24.
The Economic and Financial Crimes Commission (EFCC) revealed that Ramirez, along with his companies—USA Now LLC, Eagle Ford Instalodge Group LP, and USA Now Energy Capital Group LP—fraudulently obtained funds from victims by falsely promising access to the U.S. Employment-Based Fifth Preference (EB-5) Investor Programme, which would supposedly grant them eligibility for a U.S. Green Card and permanent residency.
Instead, Ramirez misappropriated the funds for personal use.
In her ruling, Justice Dada stated, “The convict dishonestly converted the investment funds for personal use. The prosecution has successfully proven that the promises made to the victims were false, and the funds were obtained under fraudulent pretences.”
The EFCC noted that Ramirez’s fraudulent schemes occurred in 2013, disclosed that one victim, Godson Echegile, who lost $545,000 to Ramirez under the guise of a processing fee for an investment qualifying him for a Green Card through the EB-5 programme.
Ramirez was initially arraigned on 12 counts of fraud and pleaded not guilty.
However, the EFCC later amended the charges, and he was re-arraigned on 16 counts on June 24, 2022. The offences were committed on February 5 and April 18, 2013, in Lagos.
During the trial, prosecution counsel M.S. Owede, alongside Samuel Daji, presented documentary evidence and witnesses, while the defence, led by Lawal Pedro (SAN), cross-examined them.
The case faced multiple delays, but final addresses were adopted by both sides on May 8, 2024, before the judge adjourned for judgment.
On Tuesday, Justice Dada found Ramirez guilty and sentenced him to 10 years each on counts one to 12 for obtaining money by false pretence, and 10 years each on counts 13 to 16 for stealing.
However, Ramirez was convicted on a separate nine-count charge involving $368,698.24 in fraud.
In another case, Ramirez was also found guilty of defrauding Gabriel Ogie Edeoghon of $250,000 on July 26, 2013, under the false pretense of investing in USA Now Energy Capital Group LP to secure a Green Card via the EB-5 visa programme.
He received additional sentences of eight years each on counts one to six and 10 years each on counts seven and eight for this particular fraud.