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A former bank employee was among three people charged in 2021 in a business email compromise money-laundering case. Prosecutors alleged that he used his position to help conspirators open bank accounts to receive fraud proceeds. Later, the U.S. Department of Justice reported convictions and prison sentences for other defendants, and said the former employee had been convicted of conspiracy to commit money laundering. Neither TD Bank nor Bank of America was accused of wrongdoing.
What the 2021 indictment alleged
On October 7, 2021, the U.S. Attorney’s Office for the Eastern District of Virginia announced a superseding indictment charging Onyewuchi Ibeh, Jason Joyner, and Mouaaz Elkhebri in connection with laundering proceeds from a business email compromise (BEC) scheme. The indictment alleged that more than $1.1 million had been fraudulently obtained from at least five victim businesses. That was the amount described at the charging stage, not the later case-wide figure reported after trial.
An indictment is an accusation, not a finding of guilt. The DOJ release stated that defendants were presumed innocent unless proven guilty. Read the DOJ’s October 7, 2021 charging announcement.
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How the business email compromise scheme worked
In BEC, a criminal gains access to or imitates trusted business communications, then deceives a company into sending a payment to an account controlled by the criminal network. A common approach is to pose as a business partner and claim that its banking details have changed. The victim believes it is paying a legitimate invoice or partner, but the wire is diverted.
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In this case, prosecutors said the proceeds passed through dozens of bank accounts. The alleged laundering—moving or disguising money obtained through fraud—was the focus of the prosecution, not simply the messages used to trick the businesses.
What prosecutors said each defendant did
- Onyewuchi Ibeh: Prosecutors alleged that he managed laundering by arranging for conspirators to open accounts and using those accounts to wire money domestically and internationally.
- Jason Joyner: Prosecutors alleged that he withdrew proceeds in cash and delivered the money to others.
- Mouaaz Elkhebri: Prosecutors alleged that he opened accounts in his own name and used his bank-employee position to facilitate accounts opened in the names of co-conspirators and victims.
CyberScoop reported that Elkhebri worked as a personal banker and relationship manager at Bank of America from 2015 through 2017, then at TD Bank from 2017 through 2018. That employment timeline is reported by CyberScoop; it should not be mistaken for a finding by the court or either bank. CyberScoop’s October 8, 2021 report stated that neither bank was accused of wrongdoing.
How the reported money figures changed
The amounts in the DOJ releases describe different stages and scopes of the case, so they should not be treated as competing measurements of the same defined loss:
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstall| Release | Amount and description |
|---|---|
| October 7, 2021 charging announcement | More than $1.1 million allegedly obtained from at least five victim businesses, as alleged in the superseding indictment. |
| August 11, 2022 conviction announcement | More than $13 million described as fraudulently obtained from numerous victim businesses in the broader scheme. |
| February 22, 2023 sentencing announcement | About $13 million in laundering, based on trial testimony, from July 2016 through May 2020. |
The later descriptions concern the broader network and provide more detail than the amount cited in the initial charging release. They are prosecution figures for this case, not estimates of BEC losses generally. The DOJ’s August 11, 2022 conviction announcement and February 22, 2023 sentencing announcement give the later figures.
Convictions and sentences
In August 2022, DOJ reported that a federal jury convicted Ibeh and Joyner of conspiracy to commit money laundering and money laundering. The same release said Elkhebri and Anthony Ayeah had also been convicted of conspiracy to commit money laundering.
In February 2023, DOJ reported that Ibeh was sentenced to 10 years in prison and Joyner to 51 months. Those sentences apply to those defendants; the cited sentencing announcement does not state a sentence for Elkhebri.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Were TD Bank or Bank of America accused?
No. CyberScoop’s contemporaneous report explicitly said neither TD Bank nor Bank of America was accused of wrongdoing. The allegations described the conduct of individuals, including alleged use of Elkhebri’s position to facilitate accounts; they do not establish that either bank participated in or knowingly enabled the scheme.
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