Charlotte Man Sentenced for Involvement in $2M Business Email Compromise Scheme

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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.

To read the full article click here.

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.

Please Note: This material is provided to you for general information purposes only. Establishment, adoption, and enforcement of any policy, procedures, or audits arising from such practices is the responsibility of each financial institution. We make no representation or warranty, express or implied, that our activities or advice will place you in compliance with the law; that your premises or operations are safe; or that the information provided is complete, free from errors or timely. We are not liable for any direct, indirect, special, incidental or consequential damages resulting from the use or misuse of this information. You are not entitled to rely upon this information or any loss control activities provided by us, and you may not delegate any of your legal responsibilities to us.

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Michael Beranek
Berkley Crime

National Practice Leader
Michael Beranek 
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