Oludayo Kolawole John Adeagbo, a dual citizen of Nigeria and the United Kingdom has been sentenced to seven years for his involvement in a sophisticated business email compromise (BEC) scheme. The perpetrators gained unauthorized access to legitimate email accounts or created fake ones resembling those of employees involved in financial transactions. Divya is a Senior Journalist at Cyber Security news covering Cyber Attacks, Threats, Breaches, Vulnerabilities and other happenings in the cyber world. According to Justice Gov reports, Adeagbo, also known as John Edwards and John Dayo, conspired with others to execute multiple cyber-enabled BEC schemes. They then used this fake email address to instruct the university to wire funds to their account, which they subsequently laundered through a series of financial transactions. The case underscores the ongoing efforts by law enforcement agencies to hold cybercriminals accountable and protect businesses from such fraudulent activities. Adeagbo and his co-conspirators registered a domain name similar to that of a legitimate construction company working on a university project. These scams targeted local government entities, construction companies, and educational institutions in Texas and North Carolina. Using these compromised accounts, they sent fraudulent wiring instructions to dupe victims into transferring funds to accounts controlled by the criminals. Argentieri emphasized the Justice Department’s Criminal Division’s commitment to pursuing cybercriminals who target American victims regardless of their location. Hamdani noted that BEC scams have become an epidemic, causing significant financial losses and undermining trust in digital communications. Cyber Security News Is a Dedicated News Channel For Hackers And Security Professionals. Get Latest Hacker News & Cyber Security Newsletters update Daily. The scheme targeted various entities in the United States, resulting in attempted thefts of over $3 million. Adeagbo’s extradition from the United Kingdom in August 2022 marked a crucial step in bringing him to justice. As part of his sentence, Adeagbo was also ordered to pay $942,655.03 in restitution and will serve one year of supervised release following his incarceration.
This Cyber News was published on cybersecuritynews.com. Publication date: Thu, 03 Oct 2024 13:20:09 +0000