A U.S. federal court has sentenced a 33-year-old Nigerian, Babatunde Francis Ayeni, to 10 years in prison for orchestrating a $20 million cyber fraud conspiracy.
Ayeni was found guilty of a sophisticated business email compromise (BEC) scheme that targeted over 400 victims, primarily within the real estate sector across the United States.
According to the U.S. Attorney’s Office, Ayeni and his co-conspirators used phishing emails embedded with malicious code to gain access to email accounts of title companies, real estate agents, and attorneys.
These emails often tricked employees into revealing their login credentials, enabling the fraudsters to intercept and manipulate real estate transactions.
The scheme, which operated out of Nigeria and the United Arab Emirates, resulted in significant financial losses to unsuspecting individuals and businesses.
Ayeni, who was based in the UK at the time of his arrest, pleaded guilty to conspiracy to commit wire fraud in April 2024.
In a statement, the U.S. Attorney’s Office emphasized the severity of the crime, citing the widespread impact of such schemes on victims and the real estate industry.
Ayeni’s conviction underscores the growing global crackdown on cyber fraud, particularly schemes emanating from international networks targeting U.S. businesses.
