Matthew Acquah, 24, of Los Angeles, California, has been sentenced to 36 months’ imprisonment and a term of three years’ supervised release and ordered by the court to pay $452,000 in restitution for his role in defrauding Utah-based credit unions out of nearly half a million dollars.
The sentence, imposed by Chief District Judge Robert J. Shelby, comes after Acquah pleaded guilty in January 2025 to counts of bank fraud, bank fraud conspiracy, and aggravated identity theft.
According to court documents and statements made at Acquah’s change of plea and sentencing hearings, Acquah admitted using fraudulent identification documents to open lines of credit on behalf of unwitting victims and then take out unauthorised cash advances.
He also admitted helping plan and execute numerous bank fraud sprees in Utah involving out-of-state co-conspirators.
According to prosecutors, Acquah was referred to as “Scamdaddy” or “Playboy Prince” by his co-conspirators.
Acquah arranged airfare for co-conspirators, booked hotel rooms, facilitated vehicles and drivers, trained new recruits, and performed other management functions for the bank fraud ring.
Between December 2023 and June 2024, Acquah admitted that his fraud ring managed to obtain over $450,000 in fraud proceeds from credit unions in Utah.
According to documents filed with the court, Acquah used his share to fund a lavish lifestyle, including an apartment in downtown Los Angeles and a vehicle.
He was arrested with over $100,804 in U.S. currency split between his apartment and an offsite storage unit, which will be used to repay victims.
