Nigerian Sentenced to Seven Years in U.S. Prison for Fraud Scheme Targeting Millions

A Nigerian man named Oludayo Adeagbo has been sentenced to seven years in prison in the United States for his involvement in a multimillion-dollar business email compromise (BEC) scheme. The U.S. Department of Justice (DOJ) announced this decision through Principal Deputy Assistant Attorney General Nicole Argentieri.

According to Argentieri, Adeagbo participated in multiple cyber-enabled fraud schemes with the aim of stealing more than $3 million from various victims, including local government agencies, construction companies, and even a college in the Houston area. This fraudulent activity involved impersonating legitimate businesses and tricking victims into transferring money.

Details of the Fraud

Court documents indicate that Adeagbo, 45, also targeted a university in North Carolina, defrauding it of more than $1.9 million. His criminal activities spanned across state lines, impacting institutions and businesses in several areas. Notably, he held a British passport, which facilitated his international travel and fraudulent schemes.

Adeagbo arrived in the U.S. in August 2022 after being extradited from the United Kingdom to face charges filed in both Charlotte and Houston. On April 8, he pleaded guilty to one count of wire fraud and one count of conspiracy to commit wire fraud. His case was transferred from the U.S. District Court for the Southern District of Texas to the U.S. District Court for the Western District of North Carolina prior to his guilty plea.

“Oludayo Adeagbo and his coconspirators perpetrated transnational cyber-enabled fraud schemes that targeted schools, government entities, and companies across the United States, causing millions of dollars in losses,” the DOJ stated in a press release.

Co-Conspirator Sentenced

Adeagbo was not the only one involved in this scheme. His accomplice, Donald Echeazu, 42, was also extradited from the UK to the U.S. for his role in the same fraudulent activities. Echeazu targeted the same North Carolina university, contributing to the significant financial loss.

On May 16, 2023, Echeazu received a sentence of 18 months in prison, followed by a year of supervised release. He was also ordered to pay $655,408.87 in restitution for his participation in the conspiracy.

Impact of Cyber Fraud

The sentencing of Adeagbo highlights the growing issue of cyber fraud, particularly business email compromise schemes that exploit vulnerable institutions. These schemes can cause severe financial damage to organizations and erode trust within the community.

The DOJ is committed to combating such crimes and ensuring that perpetrators face serious consequences for their actions. As noted by Argentieri, these fraud schemes often involve complex networks of criminals operating across borders, making international cooperation crucial in tackling cybercrime.