Oludayo Kolawole John Adeagbo, a dual citizen of Nigeria and the United Kingdom has been sentenced to seven years for his involvement in a sophisticated business email compromise (BEC) scheme.
The scheme targeted various entities in the United States, resulting in attempted thefts of over $3 million.
A Complex Scheme Unveiled
According to Justice Gov reports, Adeagbo, also known as John Edwards and John Dayo, conspired with others to execute multiple cyber-enabled BEC schemes.
These scams targeted local government entities, construction companies, and educational institutions in Texas and North Carolina.
The perpetrators gained unauthorized access to legitimate email accounts or created fake ones resembling those of employees involved in financial transactions.
Using these compromised accounts, they sent fraudulent wiring instructions to dupe victims into transferring funds to accounts controlled by the criminals.
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One notable incident involved defrauding a North Carolina university of more than $1.9 million.
Adeagbo and his co-conspirators registered a domain name similar to that of a legitimate construction company working on a university project.
They then used this fake email address to instruct the university to wire funds to their account, which they subsequently laundered through a series of financial transactions.
International Cooperation Leads to Justice
Adeagbo’s extradition from the United Kingdom in August 2022 marked a crucial step in bringing him to justice.
His plea agreement included wire fraud charges and conspiracy to commit wire fraud.
The case highlights the importance of international cooperation in tackling cybercrime. The UK’s National Crime Agency and other law enforcement agencies provided significant assistance.
Principal Deputy Assistant Attorney General Nicole M. Argentieri emphasized the Justice Department’s Criminal Division’s commitment to pursuing cybercriminals who target American victims regardless of their location.
This case exemplifies how cross-border partnerships can effectively combat transnational cyber-enabled fraud schemes.
Sentencing and Future Implications
As part of his sentence, Adeagbo was also ordered to pay $942,655.03 in restitution and will serve one year of supervised release following his incarceration.
His co-defendant, Donald Ikenna Echeazu, received an 18-month prison sentence earlier this year for his role in the conspiracy.
The sentencing is a stark reminder of the severe consequences of cybercrime. U.S. Attorney Alamdar S. Hamdani noted that BEC scams have become an epidemic, causing significant financial losses and undermining trust in digital communications.
The case underscores the ongoing efforts by law enforcement agencies to hold cybercriminals accountable and protect businesses from such fraudulent activities.
This successful prosecution demonstrates the effectiveness of collaborative efforts between U.S. and international authorities in addressing complex cybercrimes that transcend borders.
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