A Nigerian man, Oludayo Kolawole John Adeagbo, was sentenced to 7 years in prison for defrauding universities and businesses in the United States. He was part of a group that stole millions of dollars through a business email compromise scheme.
The group targeted entities that made frequent financial transactions. They would create fake email accounts that looked like legitimate businesses and then use those accounts to send emails with spoofed email addresses. The emails would often contain malware or links that could infiltrate company networks.
Adeagbo and his co-conspirators targeted Appalachian State University and were able to steal nearly $2 million from them. They did this by spoofing the email address of a construction company that Appalachian State was working with. They then sent an email to the university saying that the company had a new direct deposit form and that all future funds should be sent there. The university processed a payment of nearly $2 million to the fraudulent account.
Adeagbo and his co-conspirators also targeted businesses in Texas. They were able to steal over $3 million from these businesses. In total, the group stole over $5 million.
Adeagbo has been ordered to pay restitution of over $942,000.