Oludayo Adeagbo, a 45-year-old Nigerian-British man, has been sentenced to seven years in prison in the United States for his role in a multimillion-dollar business email compromise (BEC) scheme.
According to a statement from the U.S. Department of Justice, court documents reveal that Adeagbo conspired in multiple cyber-enabled BEC schemes, attempting to steal over $3 million from various entities in Texas, including local governments, construction companies, and a college in the Houston area. He and his accomplices are also accused of defrauding a university in North Carolina of more than $1.9 million.
Adeagbo arrived in the U.S. in August 2022 after being extradited from the United Kingdom to face charges filed in Charlotte and Houston. He pleaded guilty to one count each of wire fraud and conspiracy to commit wire fraud on August 8, following the transfer of his case to the U.S. District Court for the Western District of North Carolina.
Nicole Argentieri, head of the Justice Department’s Criminal Division, stated, “Oludayo Adeagbo and his co-conspirators executed transnational cyber-enabled fraud schemes targeting schools, government entities, and businesses across the United States, resulting in millions of dollars in losses. Adeagbo’s extradition, plea, and sentencing highlight our commitment to pursuing cybercriminals who prey on American victims, regardless of where they are located.”
Alamdar S. Hamdani, an attorney for the Southern District of Texas, commented that Adeagbo “operated a sophisticated 21st-century cyber-criminal enterprise, using fake email accounts and anonymous internet addresses to exploit innocent victims.”
He added, “BEC scams have become an epidemic, causing significant financial losses and eroding trust in digital communications.”
BEC schemes, often referred to as cyber-enabled financial fraud, target individuals and businesses engaged in financial transactions, particularly those that frequently make wire transfers. Scammers gain unauthorized access to genuine email accounts or set up email accounts that closely mimic those of targeted individuals. They then send fraudulent instructions to deceive victims into transferring funds to accounts controlled by the criminals, often moving the money quickly to other accounts in the U.S. or overseas.
