A 42 year-old Charlotte, North Carolina man was sentenced to 13 years in prison and 3 years of supervised release for his role as a money mule in a Business Email Comprimise (BEC) scheme. The 42 year-old was convicted in June 2021 of multiple accounts of money laundering, false statements to banks and aggravated identity theft.
According to trial evidence, witness testimony, court filings and the August 17th sentence hearing; starting in November 2018, the 42 year-old Charlotte resident opened multiple money mule bank accounts using fake documents. Money mule bank accounts are accounts used by fraudsters as a pass-through means of moving illicit funds. As established in the trial evidence, the 42 year-old used mule accounts to receive and launder the proceeds of several BEC scams totaling $2 million, which targeted six victim companies.
The victim companies were tricked into wiring large sums of money into bank accounts controlled by the 42 year-old Charlotte resident. Within days of receiving the fraudulent wire transfers, the Charlotte man used false and stolen identities to conduct financial transactions to cover up the fraud, including withdrawing large amounts of money and sending wire transfers to other bank accounts he controlled.
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Prevent This From Happening To YOU!
Do your clients say, “I’ve got the awareness of Corporate Deception? Social Engineering? Fraudulent Impersonation? Business Email Compromise?” Or “I’ve got the proper verification policies and procedures in place?” Or “I’m okay with a $100k sub-limit coverage?” If so, great, but do they have a high enough limit of insurance to protect them from the big one?
Berkley Crime offers Corporate Deception Fraud insurance products with limits up to $10MM. Call one of your experts below, or drop them an email to find out how you can obtain higher limits of social engineering fraud for your clients.
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Sincerely,
Michael Beranek
Berkley Crime
| National Practice Leader Michael Beranek (646) 522-7362 [email protected] | East Regional Manager/Commercial Crime Product Leader Matt McNamara (212) 497-3707 [email protected] |
| West Regional Manager Brian Platt (720) 979-1155 [email protected] | Financial Institution Product Leader Patricia Logan (212) 497-3708 [email protected] |
| Renewal Team Leader Cheryl Yorio (860) 466-7379 [email protected] |