Kehinde Fajobi
Oludayo Adeagbo, a 45-year-old Nigerian-British national, has been sentenced to seven years in a U.S. prison for his role in a business email compromise (BEC) scheme that targeted companies, government bodies, and institutions, stealing millions of dollars.
According to a statement from the U.S. Department of Justice, Adeagbo conspired with others in cyber-enabled schemes aimed at defrauding various organisations in Texas, including local governments, construction companies, and a Houston-area college.
He and his co-conspirators attempted to steal over $3 million from these entities. Additionally, they defrauded a North Carolina university of more than $1.9 million.
Adeagbo was extradited from the UK to the U.S. in August 2022 to face charges in both Texas and North Carolina. On August 8, he pleaded guilty to wire fraud and conspiracy to commit wire fraud.
“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 importance of international collaboration, thanking the UK for its assistance in the case.
Alamdar S. Hamdani, U.S. attorney for the Southern District of Texas, said Adeagbo ran a sophisticated cyber-criminal operation using fake email accounts to exploit victims.
“BEC scams have become an epidemic, causing significant financial losses and eroding trust in digital communications,” Hamdani said, praising the efforts of prosecutors and law enforcement in bringing Adeagbo to justice.
BEC schemes typically involve scammers gaining access to email accounts or creating fake ones that closely resemble legitimate addresses. They then deceive their targets into transferring funds to accounts controlled by the criminals, who quickly move the stolen money to other locations domestically or overseas.