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Attacks/Breaches

8/23/2018
11:32 AM
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CA Man Arrested for Conspiracy to Launder BEC Earnings

Ochenetchouwe Adegor Ederaine Jr., was involved with an organization engaged with wire fraud and related criminal activity, the DoJ reports.

California native Ochenetchouwe Adegor Ederaine Jr., has been arrested and charged for his involvement in a conspiracy to launder funds generated from business email compromise (BEC) fraud schemes, the Department of Justice reported this week.

Ederaine was part of an organization involved with wire fraud and related criminal activity. He laundered the money they generated through bank transactions crafted to conceal the nature, location, source, ownership, and control of the money.

Between March 2016 and November 2017, the DoJ reports, Ederaine used fake passports and other counterfeit identification documents to open about 23 bank accounts at different institutions around the Los Angeles area using six different false identities. Each newly opened account received wire transfers containing proceeds of the group's illicit activity.

Ederaine faces a maximum sentence of 20 years in prison, three years of supervised release, and a fine of $500,000 or twice the value of funds laundered in the conspiracy.

Read more details here.

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