A 45-year-old Nigerian-British man, Oludayo Adeagbo, has been sentenced to seven years in prison in the United States for his role (Fraud) in a multimillion-dollar business email compromise (BEC) scheme.
According to a statement from the US Department of Justice, Adeagbo conspired to execute multiple cyber-enabled BEC schemes, attempting to steal over $3 million from various entities in Texas, including local governments, construction firms, and a college in the Houston area. He and his accomplices also defrauded a university in North Carolina of more than $1.9 million.
Adeagbo arrived in the US in August 2022 after being extradited from the United Kingdom to face criminal 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 case’s transfer from the US District Court for the Southern District of Texas to the US 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.” She emphasised the collaboration with law enforcement to pursue cybercriminals.
Alamdar S. Hamdani, attorney for the Southern District of Texas, described Adeagbo as operating a sophisticated cyber-criminal enterprise, exploiting victims through fake email accounts. He noted that BEC scams have caused significant financial losses and eroded trust in digital communications.
BEC schemes typically involve criminals gaining unauthorised access to genuine email accounts or creating accounts that closely mimic those of targeted individuals or businesses. They then send fraudulent wiring instructions, tricking victims into transferring funds to accounts controlled by the scammers. The stolen money is often quickly moved to other accounts in the US or abroad.
