Man from Waterford pleads guilty to money laundering €30k
Waterford Courthouse.
A Waterford man has pleaded guilty to two counts of money laundering.
Derek Balogun, of The Lawns, Clover Meadows, Ferrybank, Co Waterford, appeared at Waterford Circuit Court before Judge Eugene O'Kelly.
Balogun (22) committed the first offence on August 8, 2022, and the second on May 26, 2023.
The court heard how on August 11, 2022, the victim of the first offence discovered that €15,000 had been removed from their Ulster Bank account.
The money was transferred into Balogun's Bank of Ireland account. According to the court, he went on to spend €10,000 at electronic retailer Harvey Norman.
For the second offence, the victim was targeted by a phishing scam, whereby they were contacted by phone by a source claiming to be their bank. €16,500 was removed from their AIB account through eight separate transactions.
It is understood that Balogun was making maximum withdrawals of money from the AIB branch on The Quay.
Balogun was arrested by Gardaí on July 18, 2023 and was detained at Waterford Garda Station. He made no comment during his interview.
His offending incurred Bank of Ireland to lose €11,800 and AIB €16,500.
The victims were made whole.
Judge O'Kelly asked why the defendant spent thousands of euro in Harvey Norman. A Garda witness confirmed that high-end electrical goods were desirable for selling on or exchanging.
The court heard that Balogun had 21 previous convictions, including 15 road traffic offences and an attempted robbery.
Defence counsel Paul W. Hutchinson told the court that his client came from a modest family background and asked the Garda witness if he would confirm that he was not living in luxurious conditions. Garda replied: "I'll accept that."
The case will be heard again on Tuesday, April 8.
