Oludayo Adeagbo, a 45-year-old Nigerian-British man, has been sentenced to seven years in a US prison for his involvement in a multimillion-dollar Business Email Compromise (BEC) scheme.
BEC schemes, also known as cyber-enabled financial fraud, target individuals, employees, or businesses involved in financial transactions or wire transfer payments.
Scammers gain unauthorized access to legitimate email accounts or create fake ones, sending false wiring instructions to con victims into sending money to perpetrator-controlled bank accounts.
Court documents reveal Adeagbo conspired to steal over $3 million from Texas entities, including local government, construction companies, and a Houston-area college. He also defrauded a North Carolina university of $1.9 million.
Meanwhile, Adeagbo pleaded guilty to wire fraud and conspiracy to commit wire fraud. US Justice Department’s Nicole Argentieri stated, “Adeagbo’s extradition, plea, and sentencing demonstrate our commitment to pursuing cybercriminals targeting American victims globally.”
Alamdar S. Hamdani, Attorney for the Southern District of Texas, noted, “BEC scams have become an epidemic, causing debilitating financial losses and eroding trust in digital communications. We worked tirelessly to identify Adeagbo and bring him to justice.”
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