Okoronkwo Law Firm IOLTA (Los Angeles)

In 2026, U.S. federal prosecutors revealed details about an Interest on Lawyers' Trust Account (IOLTA) operated by a Los Angeles law firm belonging to a lawyer named Okoronkwo. According to the U.S. Department of Justice, this account received a wire transfer in October 2015 from Addax Petroleum, a Swiss-based oil company with significant operations in Nigeria. The revelation came as part of a broader federal investigation that resulted in the lawyer's suspension and criminal sentencing.

The case emerged from U.S. authorities' investigation into international money laundering schemes involving Nigerian oil revenues. Addax Petroleum had been a major player in Nigeria's oil sector, particularly in offshore drilling operations. IOLTA accounts are typically used by lawyers to hold client funds temporarily, but federal prosecutors alleged this particular account was misused as part of a scheme to move money improperly. The October 2015 wire transfer became a key piece of evidence in the federal case against the Los Angeles-based attorney.