A US court has convicted a 49-year-old Florida man for conspiring to launder illegal proceeds from a business email compromise scheme. The convict used the said scheme to defraud law firms and other companies of over $1 million.
Note that a business email compromise scheme involves fraudsters pretending to be legitimate business email account holders and causing the employees of the victim company to transfer funds to illegitimate bank accounts. Such a scheme was used by the convict during 2014-17. During this period, he arranged to have over $395,000 in fraudulent proceeds deposited in a self-controlled business account.
The convict also helped perform wire transfer of over $200,000 to accounts in Spain and South Africa. He retained nearly $50,000 of the illicit funds as commission for his part in the conspiracy.
Source: US Department of Justice
