US court sentences Nigerian man to seven years for involvement in multi-million dollar email fraud

• Oludayo Adeagbo, a 45-year-old Nigerian-British man, was sentenced to seven years in prison in the US for his role in a multi-million dollar business email compromise (BEC).
• The BEC scam involves unauthorized access to legitimate email accounts or the creation of fake accounts to deceive victims
• After being extradited from the United Kingdom in August 2022, Adeagbo pleaded guilty to wire fraud and conspiracy in both Texas and North Carolina.

A 45-year-old Nigerian-British man, Oludayo Adeagbo, has been sentenced to seven years in prison in the US for his involvement in a multi-million dollar business email compromise (BEC) scheme.

Adeagbo, who was extradited from the United Kingdom to the U.S. in 2022, participated in a cyber scam that targeted companies, government agencies and educational institutions in the United States.

What is a BEC scheme?

A Business Email Compromise (BEC) scam is an advanced form of cyber fraud in which perpetrators gain unauthorized access to legitimate email accounts or create fake accounts to deceive companies or individuals.

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The scammers typically send fraudulent wiring instructions to victims, who are tricked into sending money to bank accounts controlled by the criminals, TheCable reported.

The stolen money is often quickly transferred to other accounts, both in the US and abroad, making recovery difficult.

The U.S. Department of Justice revealed that Adeagbo conspired with others to steal more than $3 million from various organizations, including local government agencies, construction companies and a Houston-area university.

In addition, Adeagbo and his associates defrauded a North Carolina university of $1.9 million, The Punch reported.

Nicole Argentieri, head of the Justice Department’s criminal division, said:

“Adeagbo and his co-conspirators executed transnational cyber fraud schemes that caused millions of dollars in losses.

“His extradition and conviction underscore our commitment to prosecuting cybercriminals who target American victims wherever they are.”

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Criminal operation across borders

Adeagbo’s involvement in the BEC scheme spanned multiple jurisdictions.

After being extradited from the United Kingdom in August 2022, he was charged in both Texas and North Carolina.

The Justice Department confirmed that he pleaded guilty to one count of wire fraud and conspiracy to commit wire fraud, leading to his conviction.

United States Attorney for the Southern District of Texas Alamdar S. Hamdani said:

“This case highlights the global reach of cybercriminals and the damage they can cause.

“Adeagbo conducted a sophisticated cybercriminal operation, hiding behind fake email accounts and anonymous internet addresses to steal from innocents.”

Hamdani highlighted the growing threat of BEC schemes, calling them “an epidemic” that has caused financial ruin to individuals and businesses alike.

The court restrains NEC and BoT from dismissing Damagum as PDP chairman

In another development Legit.ng reported that the Federal High Court in Abuja has delivered a major ruling on the leadership of the Peoples Democratic Party (PDP).

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Justice Peter Lifu has restrained the National Executive Committee (NEC) and the Board of Trustees (BoT) from removing Umar Damagum as acting national chairman until the party’s national convention in December 2025.

This decision was made following a lawsuit filed by Senator Umar El-Gash Maina, who alleged that some stakeholders were secretly planning to replace Damagum with Phillip Salawu, a former Deputy Governor of Kogi State.

Source: Legit.ng