Oludayo Adeagbo, a 45-year-old Nigerian-British man, has been sentenced to seven years in a U.S. prison for his role in a multimillion-dollar business email compromise (BEC) scheme.
The U.S. Department of Justice confirmed that Adeagbo conspired in several cyber-enabled BEC scams, attempting to steal more than $3 million from businesses, local governments, and educational institutions in Texas, including a college in Houston.
Court documents also reveal that Adeagbo and his co-conspirators defrauded a North Carolina university of over $1.9 million. He was extradited from the United Kingdom to the U.S. in August 2022 to face these charges.
On August 8, Adeagbo pleaded guilty to one count each of wire fraud and conspiracy to commit wire fraud. His case was transferred from the U.S. District Court for the Southern District of Texas to the U.S. District Court for the Western District of North Carolina, where the sentence was issued.
“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,” said Nicole Argentieri, head of the Justice Department’s Criminal Division. She highlighted the case as a significant example of international collaboration in tackling cybercrime.
Alamdar S. Hamdani, attorney for the Southern District of Texas, described Adeagbo as the leader of a sophisticated cybercriminal network. “Using fake email accounts and anonymous internet addresses, he exploited innocent victims, causing significant financial harm,” Hamdani said, underscoring the increasing threat posed by BEC scams.
Understanding BEC Schemes
BEC scams are complex cyber-enabled fraud schemes that target companies or individuals involved in financial transactions, especially wire transfers. Scammers gain unauthorized access to legitimate email accounts or create fraudulent ones that closely mimic trusted parties. These fake accounts are then used to send fraudulent wiring instructions, tricking victims into transferring funds to accounts controlled by the criminals. The stolen money is often swiftly moved to other accounts in the U.S. or overseas.
The sentencing of Adeagbo highlights the ongoing threat of BEC scams, which have caused significant financial losses and continue to undermine trust in digital communications.
