A dual citizen of Nigeria and the United Kingdom was sentenced to seven years in prison for his involvement in a multimillion-dollar business email compromise (BEC) scheme. The individual, Oludayo Kolawole John Adeagbo, 45, conspired with others to steal more than $3 million from various entities in Texas and over $1.9 million from a university in North Carolina.

Adeagbo, also known as John Edwards and John Dayo, was extradited from the United Kingdom to the United States in August 2022. He pleaded guilty on April 8 to one count each of wire fraud and conspiracy to commit wire fraud. The cases were 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.

A BEC scheme involves fraudsters gaining unauthorized access to legitimate email accounts or creating fake accounts that resemble those of employees or individuals associated with targeted businesses. They then send false wiring instructions to deceive victims into transferring money to accounts controlled by the perpetrators.

From Aug. 30, 2016, to Jan. 12, 2017, Adeagbo and his co-defendant Donald Ikenna Echeazu defrauded a North Carolina university of more than $1.9 million by creating a fake email address similar to that of an employee at a construction company involved in a significant project at the university.

From November 2016 until July 2018, Adeagbo participated in multiple BEC schemes targeting entities in Texas including local government bodies, construction companies, and a Houston-area college. Similar methods were used where domain names resembling legitimate companies were registered, followed by emails sent pretending to be employees of those companies.

Adeagbo remains in federal custody awaiting transfer to a designated federal facility. Echeazu was sentenced on May 16, 2023, to 18 months in prison followed by supervised release and ordered to pay restitution.

Principal Deputy Assistant Attorney General Nicole M. Argentieri stated: “Oludayo Adeagbo and his coconspirators perpetrated transnational cyber-enabled fraud schemes that targeted schools, government entities, and companies across the United States.”

U.S. Attorney Alamdar S. Hamdani commented: “BEC scams have become an epidemic with individuals and businesses suffering debilitating financial losses.”

U.S. Attorney Dena J. King added: “By exploiting this trust [in daily operations], fraudsters steal millions of dollars from unsuspecting victims.”

Executive Assistant Director Michael Nordwall of the FBI said: “The BEC is one of the fastest growing and most costly scams."

Special Agent in Charge Douglas Williams remarked: “Yesterday’s sentencing serves as a powerful reminder that cybercrime has real consequences.”

Special Agent Robert M. DeWitt noted: “This federal prison sentence shows the FBI will do everything possible to find and hold international financial fraudsters accountable.”

The FBI’s Houston Cyber Task Force and Charlotte Field Office investigated this case with help from various UK agencies including the National Crime Agency.

Trial Attorney Brian Mund along with Assistant U.S Attorneys Rodolfo Ramirez and Graham Billings prosecuted this case.

If you suspect you are a victim of a BEC scheme, you can file a complaint online with the FBI’s Internet Complaint Crime Complaint Center (IC3) at bec.ic3.gov.