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08 Mar 2018
US suspect pleads guilty to $1.1 million CEO scam

The suspect used a cunning trick to receive no less than 1.1 million US dollars into his account from an association of car dealers in the US. The man now faces a prison sentence of up to 20 years.

The trick he used bears all the hallmarks of CEO impersonation fraud. The man pretended to be a travel agent for the association, writes He sent the association a spoof email impersonating this travel agent requesting the payment information be changed to the account number that belonged to him. The association transferred the money in three payments. The suspect then laundered the money in a variety of ways. For example, he purchased several cars which he sent to his brother in Nigeria and siphoned off money to and from various bank accounts and third parties.

The American judge will pass judgement on 15 June.

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