Three Convicted in $215M Cybercrime and Money Laundering Scheme
A US federal court has convicted three men for their roles in a sprawling cybercrime and money laundering operation. The syndicate stole over $215 million by hacking email accounts and tricking victims into transferring funds. More than 1,000 individuals and businesses across 47 states and 19 countries fell prey to the scheme.
Oluwafemi Michael Awoyemi, Aruan Drake, and Peter Reed were found guilty of wire fraud conspiracy after a trial. Awoyemi and Drake also faced convictions for money laundering conspiracy. Their network, now totalling 25 convicted members, defrauded victims by intercepting emails and sending fake payment instructions.
One victim alone transferred about $2.7 million to the criminals. The stolen money flowed into shell company accounts before being laundered through various channels. Around $50 million of the illicit funds passed through a currency exchange in the Chicago area. Federal agents seized or moved to forfeit nearly $1.2 million in assets tied to the scheme. These included cashier’s checks, bundles of cash, cryptocurrency, luxury watches, and a property in Georgia.
The convictions mark the latest step in dismantling a global fraud network. Authorities continue to recover assets linked to the $215 million operation. The case highlights the scale of cyber-enabled financial crime targeting businesses and individuals worldwide.
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