FACTCHECK: Did U.S. Court clear Air Peace CEO Allen Onyema of $44.9 million fraud?

Earlier today, some reports claimed that a District Court in Atlanta, Georgia, has exonerated Allen Onyema, the Chief Executive of Air Peace, from any allegations of business fraud.

This report came amid a three-year investigation involving multiple U.S. government agencies, and it suggested that the court did not determine that financial loss occurred against any bank related to the indictment filed by the Attorney for the Northern District of Georgia.

Neusroom can confirm that this report is untrue as there is no official confirmation from the USA Department of Justice that the accused has been cleared. The United States is seeking a forfeiture of approximately $14 million in assets to Onyema’s properties according to a report released in the past week.

Allen Onyema alongside Ejiroghene Eghagha, Air Peace’s Chief of Administration and Finance, stands accused of submitting false documents to impede an investigation into prior allegations of bank fraud and money laundering.

The indictment details that between 2010 and 2018, Onyema allegedly funnelled over $44.9 million from foreign sources into his U.S. bank accounts, using falsified export letters of credit to disguise the transfers as payments for Boeing 737 aircraft.

Following news of the investigation in 2019, Onyema and an associate allegedly plotted to mislead authorities by submitting a backdated contract to unfreeze their accounts.

Allen Onyema and his associate were initially indicted in November 2019 on various charges, including conspiracy and multiple counts of bank fraud and money laundering.

Neusroom reported an amended indictment earlier in October which includes multiple counts against the defendants: Count One alleges conspiracy to commit bank fraud, while Counts Two through Four detail instances of bank fraud.
Count Five pertains to conspiracy to commit credit application fraud, followed by Counts Six through Eight for credit application fraud. Additionally, Counts Nine through Thirty-Five addresses charges of money laundering.

If convicted of the offences outlined in Counts One through Thirty-Five, the defendants will be required to forfeit any property derived from the alleged criminal activities, including significant sums held in bank accounts tied to their businesses.

Specifically, the United States government is demanding the forfeiture of $4,017,852.51 from a JP Morgan Chase Bank account held by Springfield Aviation Inc. $4,393,842.05 from a Bank of Montreal account also associated with Springfield Aviation Inc, and $5,634,842.04 from another Bank of Montreal account linked to Blue Stream Aero Services, Inc.

The indictment further states that if any of the forfeitable properties cannot be located, have been transferred, or diminished in value, the U.S. intends to seek the forfeiture of other assets belonging to the defendants equivalent to the value of the forfeitable properties.

The legal actions are being pursued under the oversight of U.S. Attorney Ryan K. Buchanan, along with Garrett L. Bradford and Christopher J. Huber.

Reacting to the amended case development, the Air Peace management admitted that the charges levelled against its “post-holders” are part of an extended legal process stemming from earlier accusations of financial misconduct that date back several years.

It added that while the charges have been expanded, it is essential to emphasize that both Dr Onyema and Mrs Eghagha remain innocent as the case is pending in court.

“Our legal team is fully engaged with the matter and is working tirelessly to ensure that justice prevails.

“We remain confident that, through due process, the truth will be revealed and our CEO and co-defendant will be exonerated.

“It is important to note that Dr. Onyema and his legal team have consistently cooperated with authorities throughout this process, and Air Peace continues to operate without disruption, upholding our commitment to delivering top-notch services to our valued customers,” the statement partly read.

Editor’s note: The article has been edited to show that the report of Allen Onyema’s exoneration is false, and it includes the US’ demand for forfeiture of his assets