Nigerian National Receives 5-Year Sentence for Multi-Million Dollar BEC Fraud

by do son · September 4, 2024

The U.S. Department of Justice announced that Franklin Ifeanyichukwu Okwonna, a 34-year-old Nigerian national, has been sentenced to five years and three months in prison for his role in a complex business email compromise (BEC) scheme that resulted in over $5 million in losses. Okwonna was also ordered to pay nearly $5 million in restitution to the victims.

Okwonna and his co-conspirators employed sophisticated tactics, including phishing emails and malware, to gain unauthorized access to victims’ computer systems and email accounts. Once inside, they meticulously studied communication patterns and sensitive information to craft convincing requests for fraudulent wire transfers.

This sentencing follows the earlier conviction of Okwonna’s co-defendant, Ebuka Raphael Umeti, who received a 10-year prison sentence in August. The sentences also send a clear message that those who engage in BEC schemes and other forms of cybercrime will face severe consequences.

The Department of Justice emphasized the importance of remaining vigilant against the evolving threat of BEC fraud. Businesses and individuals are urged to adopt robust cybersecurity measures, including employee training, multi-factor authentication, and regular security audits. By staying informed and proactive, potential victims can significantly reduce their vulnerability to these types of attacks.