A Nigerian hacker has been sentenced to seven years in prison for orchestrating a sophisticated business email compromise (BEC) scheme that targeted educational institutions and other entities in the United States.
The sentencing marks a critical step in the ongoing battle against cyber-enabled financial fraud.
The Mastermind Behind the Scheme
According to the us government report, oludayo Kolawole John Adeagbo, a dual citizen of Nigeria and the United Kingdom was extradited to the United States in August 2022 to face charges of wire fraud and conspiracy to commit wire fraud.
Known by aliases such as John Edwards and John Dayo, Adeagbo conspired with others to defraud victims of more than $3 million.
His targets included local government entities, construction companies, and notably, a Houston-area college and a university in North Carolina.
These institutions were deceived into wiring large sums of money to accounts controlled by Adeagbo and his co-conspirators.
The fraudulent activities involved creating email accounts that closely resembled those of legitimate employees or companies.
These accounts were then used to send fake wiring instructions, tricking victims into transferring funds into the hackers’ accounts.
The stolen money was quickly laundered through various transactions to obscure its origins.
Impact on Educational Institutions
The University of North Carolina was one of the major victims of Adeagbo’s scheme.
Between August 2016 and January 2017, Adeagbo and his associates managed to siphon off more than $1.9 million from the university by exploiting a construction project.
They registered domain names similar to those of legitimate construction companies involved in the project, using them to deceive university officials into making unauthorized payments.
This breach not only resulted in substantial financial losses but also highlighted vulnerabilities in cybersecurity practices within educational institutions.
Such schemes erode trust in digital communications and underscore the need for robust security measures to protect sensitive financial transactions.
International Cooperation and Legal Proceedings
The successful prosecution of Adeagbo underscores the importance of international cooperation in combating cybercrime.
U.S. authorities worked closely with their counterparts in the United Kingdom, including agencies like the National Crime Agency and Metropolitan Police Service, to secure Adeagbo’s extradition and bring him to justice.
In addition to his prison sentence, Adeagbo was ordered to pay $942,655.03 in restitution and will face one year of supervised release following his incarceration.
His co-defendant, Donald Ikenna Echeazu, received an 18-month prison sentence earlier this year for his role in the conspiracy.
Law enforcement agencies continue to emphasize the importance of vigilance against BEC scams, which remain one of the fastest-growing forms of cybercrime globally.
The FBI’s Internet Crime Complaint Center (IC3) provides resources for individuals and businesses to report suspected BEC activities and seek assistance.
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