A Nigerian national, Babatunde Francis Ayeni, has been sentenced to 10 years in U.S. federal prison after stealing nearly $20 million from hundreds of victims through a business email compromise (BEC) scheme. Ayeni, 33, who had been residing in the U.K., pleaded guilty to wire fraud charges in April and received his sentence this week.
Ayeni collaborated with two accomplices, Feyisayo Ogunsanwo and Yusuf Lasisi, based in Nigeria and the United Arab Emirates, respectively. Together, they targeted U.S. real estate transactions by sending phishing emails with malicious links to title companies, real estate agents, and attorneys. The scheme involved intercepting email accounts to monitor upcoming payments, then contacting buyers through compromised accounts with instructions to wire funds to accounts controlled by the hackers.
Over 400 individuals and companies fell victim to the scam, with 231 victims unable to recover their funds, resulting in a total loss of $19,599,969.46. Many victims lost life savings intended for home purchases, and several shared their anguish with the court, describing financial devastation, despair, and emotional hardship.
Among the transactions mentioned in court documents, one victim lost over $100,000 intended to buy a home for his father, who had been diagnosed with Parkinson’s disease. The stolen funds were laundered through Bitcoin purchases on Coinbase and then dispersed across multiple accounts.
Law enforcement has been unable to locate Ayeni’s accomplices. Ogunsanwo was last tracked in Dubai, where he spent $40,000 of the stolen funds at a luxury store.
BEC remains a costly and complex cybercrime, typically targeting businesses that handle wire transfers or ACH payments. The FBI reported $2.9 billion in losses due to BEC in 2023 and noted that scammers increasingly use custodial accounts linked to cryptocurrency exchanges to rapidly disperse funds. Recent cases include a $60 million theft from a carbon products supplier and a Tennessee school district that fell victim to a multi-million dollar scam.
Efforts to combat BEC have intensified, with Interpol recently dismantling a phishing operation in Côte d’Ivoire, arresting eight individuals. U.S. Attorney Sean P. Costello emphasized that cyber-enabled crimes can inflict lasting harm on victims, underscoring the global need for vigilance against these digital scams.
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