A $19 million wire fraud scheme just rocked real estate closings nationwide. Find out how the scam worked – and what it means for your business
A massive real estate wire fraud scheme that stole $19 million from homebuyers has landed its ringleader a decade in prison, court confirms.
Babatunde Francis Ayeni and two co-conspirators orchestrated a business email compromise scam that targeted real estate transactions across the United States. Operating from outside the country, the group created convincing email accounts to impersonate real estate professionals. They sent phishing emails to employees at real estate businesses, tricking them into sharing their login credentials.
With access to these email accounts, Ayeni’s group monitored communications to identify when buyers were about to transfer funds for home purchases. As closing dates approached, the conspirators sent fraudulent emails to buyers, redirecting payments to their own accounts. The government estimated that the group successfully stole more than $19 million from 231 victims, with an intended loss of over $54 million.
Authorities traced the fraudulent activity back to Ayeni using digital evidence linked to the spoofed email accounts. He was arrested in the United Kingdom and extradited to the United States. In April 2024, Ayeni pleaded guilty to conspiracy to commit wire fraud, admitting his role in the larger scheme and to two specific incidents in Alabama.
During sentencing, the Probation Office calculated Ayeni’s offense level based on the intended loss and number of victims. The government acknowledged Ayeni’s substantial assistance to the FBI and requested a downward departure from the sentencing guidelines. However, after hearing testimony from an FBI agent and several victims, the district court determined that the guidelines did not adequately reflect the harm caused. The judge cited the emotional toll and ongoing risk of identity theft for victims as reasons for imposing a harsher sentence.
Ayeni received a 10-year prison sentence, significantly above the recommended range. He appealed, arguing the sentence was excessive and that the court failed to properly consider the guidelines. The Eleventh Circuit Court of Appeals, on September 30, 2025, affirmed the sentence, finding the district court’s reasoning sound given the scale and seriousness of the crime.
For mortgage professionals, this case is a clear signal: cybercriminals are targeting the transaction process itself, not just consumers. The Ayeni case highlights the need for strong cybersecurity practices, careful verification of wiring instructions, and ongoing staff training. Even routine communications can be exploited, and the consequences can be severe for both clients and businesses.
The outcome serves as a reminder that vigilance is essential in every step of the mortgage process. Staying alert and proactive is key to protecting your clients and your reputation in an industry increasingly targeted by sophisticated fraud schemes.
