by Damilola Olufemi
Oludayo Adeagbo, a 45-year-old Nigerian-British national, has been sentenced to seven years in prison in the United States for his role in a multimillion-dollar Business Email Compromise (BEC) scheme.
BEC schemes, a form of cyber-enabled financial fraud, specifically target individuals, employees, or businesses engaged in financial transactions and wire transfers. Scammers infiltrate legitimate email accounts or create counterfeit ones to issue false wiring instructions, tricking victims into transferring funds to bank accounts controlled by the perpetrators.
Court documents indicate that Adeagbo conspired to embezzle over $3 million from various Texas entities, including local government agencies, construction firms, and a college in the Houston area. He also defrauded a university in North Carolina of an additional $1.9 million.
Adeagbo pleaded guilty to charges of wire fraud and conspiracy to commit wire fraud. Nicole Argentieri from the U.S. Justice Department remarked, “Adeagbo’s extradition, plea, and sentencing underscore our commitment to tackling cybercriminals who target American victims across the globe.”
Alamdar S. Hamdani, Attorney for the Southern District of Texas, emphasized the growing problem of BEC scams, stating, “These scams have become an epidemic, leading to significant financial losses and diminishing trust in digital communications. We dedicated substantial efforts to identify Adeagbo and ensure he faced justice.