Business email compromise (BEC) operation resulted in $100 million in losses to a multinational technology company and a social media firm, according to the US Attorney's Office.
A Lithuanian man extradited to the US in 2017 has pled guilty to a business email compromise (BEC) scam that netted him more than $100 million.
Evaldas Rimasauskas, 50, operated the BEC scam from 2014 to 2015, fooling a multinational technology firm and global social media company to wire funds into accounts he controlled. The US Attorney's Office did not disclose the names of the victim companies.
Rimasauskas, who now faces a maximum sentence of 30 years in prison for wire fraud, created a company in Latvia with the same name as an Asia-based computer hardware manufacturer, according to the USAO. He sent phishing emails to employees and associates of the victim firms, directing them to purchase products and services from the phony company, and money was wired to accounts he controlled.
"As admitted today, he devised a blatant scheme to fleece US companies out of $100 million, and then siphoned those funds to bank accounts around the globe. Rimasauskas thought he could hide behind a computer screen halfway across the world while he conducted his fraudulent scheme, but as he has learned, the arms of American justice are long, and he now faces significant time in a US prison," Manhattan U.S. Attorney Geoffrey S. Berman said in a statement.
Rimasauskas will be sentenced on July 24, 2019.
Read more here.
Join Dark Reading LIVE for two cybersecurity summits at Interop 2019. Learn from the industry's most knowledgeable IT security experts. Check out the Interop agenda here.
About the Author(s)
You May Also Like
Beyond Spam Filters and Firewalls: Preventing Business Email Compromises in the Modern Enterprise
April 30, 2024Key Findings from the State of AppSec Report 2024
May 7, 2024Is AI Identifying Threats to Your Network?
May 14, 2024Where and Why Threat Intelligence Makes Sense for Your Enterprise Security Strategy
May 15, 2024Safeguarding Political Campaigns: Defending Against Mass Phishing Attacks
May 16, 2024
Black Hat USA - August 3-8 - Learn More
August 3, 2024Cybersecurity's Hottest New Technologies: What You Need To Know
March 21, 2024