News
British-Nigerian Jailed For Seven Years By US Court Over $5m Cyber Fraud
Oludayo Adeagbo, a British-Nigerian, has been sentenced to seven years in prison for his role in a multimillion-dollar business email compromise (BEC) scheme.
According to the US Department of Justice, Adeagbo, who also goes by John Edwards and John Dayo, conspired with others to steal over $3 million from various entities in Texas, including local government bodies, construction companies, and a Houston-area college.
Adeagbo and his co-conspirators also defrauded a North Carolina university of more than $1.9 million.
The case began in August 2022 when Adeagbo and two other Nigerian citizens, Donald Echeazu, 42, and Olabanji Egbinola, 44, were extradited from the United Kingdom (UK), where they had been residing, to face charges of conspiracy, wire fraud, and money laundering.
The US Department of Justice stated that the offences were committed in North Carolina, Texas, and Virginia.
On April 8, Adeagbo pleaded guilty in two cases against him in North Carolina and Texas for participating in a business email compromise scheme, which is also referred to as a “cyber-enabled financial fraud” scheme.
A business email compromise scheme can be initiated by scammers creating fake accounts that mimic companies a business regularly deals with.
Court records revealed that Adeagbo and his co-conspirators gathered information about significant construction projects across the United States, including a multi-million-dollar project at a university in North Carolina.
“To execute the scheme, Adeagbo, Echeazu, and others registered a domain name similar to that of the legitimate construction company in charge of the university’s project and created an email address that closely resembled that of an employee of the construction company,” the Department of Justice said.
“Using the fake email address, the fraudsters deceived and directed the university to wire a payment of more than $1.9 million to a bank account controlled by an individual working under the direction of Adeagbo and his co-conspirators.”
Adeagbo and his co-conspirators employed the same tactics in Texas, targeting local government entities and universities by impersonating construction companies. They stole over $3 million from the scheme, bringing their total haul to $5 million.
Adeagbo has been ordered to pay $942,655.03 in restitution and will serve seven years in prison.
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