Police arrested Timothy Scott Marable, 50, from Lake Placid, Florida, last week a federal grand jury indicted him in Montgomery, Alabama on two counts of wire fraud.
A business email compromise scheme is a fraud scheme in which participants gain unauthorized access to a business email account through various means, such as hacking the account or obtaining login information through social engineering.
The new bank account frequently belongs to a participant in the business email compromise scheme, who receives payment obtained by fraud and transfers the proceeds to others involved in the scheme.
The indictment said from November 2019, until August 2020, Marable participated in a business email compromise scheme primarily by receiving fraudulent transfers into bank accounts to which he had signature authority.
Throughout to course of the scheme, Marable is charged with receiving into various bank accounts under his control $2,701,746.50. Companies located in Alabama, Idaho, Ohio, and Texas fell victim to this scheme, according to the indictment.
“In 2021, business email compromises were one of the most widely reported cyber security issues according to IC3.gov,” said FBI Special Agent in Charge Paul Brown from Mobile, Alabama.