A man with dual citizenship in Nigeria and the United Kingdom has been sentenced in connection with a multimillion-dollar Business Email Compromise scheme (BEC), according to the U.S. Attorney districts in western North Carolina and southern Texas.
Oludayo Kolawole John Adeagbo, 45, and two others are accused of stealing more than $1.9 million from a North Carolina university and trying to steal more than $3 million from organizations in Texas.
The stolen money is often quickly transferred to other accounts, either in the U.S. or overseas, making recovery difficult.
The U.S. Department of Justice revealed that Adeagbo conspired with others to steal over $3 million from various organizations, including local government bodies, construction companies, and a Houston-area college.
In addition, Adeagbo and his associates defrauded a North Carolina university of $1.9 million.
Criminal Operation Across Borders
Adeagbo’s involvement in the BEC scheme spanned multiple jurisdictions.
After being extradited from the UK in August 2022, he faced charges in both Texas and North Carolina.
The Justice Department confirmed that he pleaded guilty to one count each of wire fraud and conspiracy to commit wire fraud, leading to his sentencing.
What Is a BEC Scheme?
A business email compromise (BEC) scam is a sophisticated form of cyber fraud where perpetrators gain unauthorized access to legitimate email accounts or create fake accounts to deceive businesses or individuals.
The scammers typically send fraudulent wiring instructions to victims, who are tricked into sending funds to bank accounts controlled by the criminals.