US Court Convicts Nigerian of Multimillion-Dollar Scam, Sentences Him to 7 Years

US Court Sentences Nigerian to 7 Years for Fraud

“Oludayo Adeagbo and his coconspirators perpetrated transnational cyber-enabled fraud...”

Oludayo Adeagbo, 45, convicted of multimillion-dollar BEC scheme, sentenced to 7 years in prison, ordered to pay restitution.

Oludayo Adeagbo, a 45-year-old Nigerian national, has been sentenced to seven years in prison in the United States for his involvement in a massive business email compromise (BEC) scheme. The scheme aimed to steal over $3 million from various victims in Texas, including local government entities, construction companies, and a college in the Houston area.

Adeagbo's fraudulent activities were part of a larger transnational cyber-enabled fraud scheme that targeted institutions across the US, resulting in significant financial losses. He conspired with others to defraud a university in North Carolina out of more than $1.9 million.

The Scheme

• Targeted Institutions: Local government entities, construction companies, and a Houston-area college
• Stolen Amount: Over $3 million
• Method: Cyber-enabled business email compromise (BEC) schemes

Adeagbo was extradited from the United Kingdom in August 2022 and faced criminal charges in both Charlotte and Houston. He pleaded guilty to charges of wire fraud and conspiracy to commit wire fraud on April 8.

Consequences

Sentence: Seven years in federal prison

Restitution: Ordered to pay $942,655.03

Supervised Release: One year following his sentence

Adeagbo's co-conspirator, Donald Echeazu, 42, was also extradited from the UK and sentenced to 18 months in prison, followed by a year of supervised release, and ordered to pay restitution of $655,408.87

Upon extradition, Adeagbo's case was transferred to the US District Court for the Western District of North Carolina. He pleaded guilty to conspiracy to commit wire fraud and wire fraud.

Key Details:

• Extradited from the UK in August 2022
• Faced charges in Charlotte and Houston
• Pleaded guilty in US District Court for the Western District of North Carolina
• Crimes: Conspiracy to commit wire fraud and wire fraud
• Sentence: 7 years in federal prison (as previously mentioned)

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