Two Nigerian nationals have been sentenced in the U.S. for orchestrating a Business Email Compromise (BEC) scheme that defrauded U.S. companies out of more than $5 million. Franklin Ifeanyichukwu Okwonna, 34, received five years and three months in prison and was ordered to pay nearly $5 million in restitution. His co-conspirator, Ebuka Raphael Umeti, 35, was sentenced to 10 years and ordered to pay the same amount in restitution.
Short Narrative
Okwonna pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft, while a federal jury convicted Umeti on multiple charges, including wire fraud and computer hacking. The scheme involved sending phishing emails to businesses and tricking employees into transferring money to fraudulent accounts by exploiting their computer systems with malicious software.
A federal jury convicted Ebuka Raphael Umeti on June 13 of conspiracy to commit wire fraud, three counts of wire fraud, conspiracy to cause intentional damage to a protected computer, and intentional damage to a protected computer.
Key Points
- Defendants: Franklin Ifeanyichukwu Okwonna, Ebuka Raphael Umeti
- Jurisdiction: United States
- Criminal Charges: Okwonna and Umeti were convicted of wire fraud, identity theft, and computer hacking.
- Fraudulent Scheme: Between 2016 and 2021, they and their co-conspirators sent phishing emails to U.S. companies, infecting computers with malware and stealing sensitive information to execute unauthorized wire transfers.
- Total Losses: The BEC scheme resulted in over $5 million in losses for multiple U.S. companies.
- Sentences: Okwonna received 5 years and 3 months, and Umeti 10 years, along with nearly $5 million in restitution for both.
Actionable Insight
Business Email Compromise (BEC) schemes continue to be a significant threat to companies worldwide. The case underscores the need for companies to strengthen their cybersecurity measures and educate employees on recognizing phishing attempts. Insider information and tips are vital to uncovering these schemes.
Report Cybercrime
FinTelegram urges whistleblowers and industry insiders with information on BEC schemes or cyber fraud to report via our secure platform, Whistle42, to help combat cybercrime.
