A massive international cyber fraud operation has led to the conviction of 25 individuals in the United States, after authorities uncovered a scheme that stole nearly US$215 million from more than 1,000 victims across multiple countries, including Canada.
According to the U.S. Attorney’s Office for the Northern District of Ohio, the network operated a sophisticated “business email compromise” scam, targeting individuals, companies and organizations by gaining access to their email accounts and monitoring communications.
Once inside, the fraudsters studied business transactions and relationships before sending highly convincing fake emails requesting payments. Victims, believing the requests were legitimate, transferred funds that were then funneled through a complex web of shell companies, fraudulent bank accounts and money transfer systems.
Authorities say the scheme had links to organized fraud groups based in Nigeria, with operations spanning dozens of U.S. states and at least 19 countries.
A significant portion of the stolen money — nearly $50 million — was converted into cashier’s checks and processed through a Chicago-area business known as the New Dolton Currency Exchange. Prosecutors allege the business owner, Lon Goodman, knowingly facilitated the transactions despite repeated warnings from financial institutions about suspicious activity.
Investigators uncovered a range of assets tied to the scheme, including over $1.2 million in cash, cryptocurrency and financial instruments, as well as luxury items such as high-end watches and a large residential property in Georgia.
Among those convicted were Oluwafemi Michael Awoyemi, Aruan Drake and Peter Reed, who were found guilty of conspiracy to commit wire fraud. Awoyemi and Drake were also convicted of money laundering conspiracy, while 22 others pleaded guilty to similar charges.
Officials say the scale and sophistication of the scheme highlight the growing threat of cyber-enabled financial fraud, particularly as criminals increasingly exploit digital communication channels to impersonate trusted contacts and manipulate transactions.
The case serves as a warning to businesses and individuals alike to remain vigilant when handling financial requests online, especially those involving urgent or unusual payment instructions.