Nigerian-Linked $215 Million Business Email Compromise Scheme Ends in U.S. Conviction
A federal jury in Toledo, Ohio, has convicted three individuals for their roles in a massive Nigerian cybercrime business email compromise scheme that defrauded more than 1,000 victims of approximately $215 million. The April 24, 2026 verdict brings the total number of convicted defendants in the case to 25.
The jury found Oluwafemi Michael Awoyemi, 40, of Romeoville, Illinois; Aruan Drake, 37, of Atlanta, Georgia; and Peter Reed, 35, of Oak Forest, Illinois, guilty of wire fraud conspiracy after a four-day trial. Awoyemi and Drake convicted of money laundering conspiracy. U.S. District Judge James R. Knepp II presided over the proceedings.
How the Nigerian Cybercrime Business Email Compromise Worked
According to court documents, Nigerian-linked fraud organizations targeted individuals, businesses, and institutions across the United States, hacking into email accounts to monitor victims’ communications and business activities. Armed with that intelligence, conspirators then sent carefully crafted fraudulent emails requesting payments either to the hacked victims or to parties communicating with them designed to appear completely legitimate. Once payments were made, the funds were funnelled through a web of fake bank accounts and cash transfer systems.
Approximately $50 million of the stolen funds was used to purchase cashier’s checks presented to the New Dolton Currency Exchange in Chicago, owned by co-defendant Lon Goodman, who allegedly accepted fraudulent checks and false identification documents.
Victims spanned 47 U.S. states and 19 countries, including Canada, Germany, the United Arab Emirates, and Australia. In one case, a single victim business transferred $2.7 million to a shell company bank account controlled by a conspiracy member. Assets seized included luxury watches valued at up to $140,000 and a Georgia residence.
The investigation was led by the FBI Cleveland Division, the U.S. Postal Inspection Service, and the U.S. Border Patrol Sandusky Bay Intelligence Unit.
