Fake CEOs and Lawyers Tricked Companies Worldwide Into Sending $129M Using AI Voice and Video Impersonations, DOJ Says

Criminals allegedly used artificial intelligence-powered voice and video impersonations of chief executives and lawyers to convince employees at companies worldwide to authorise fraudulent financial transactions, stealing more than $129 million between 2024 and 2026, according to the US Department of Justice (DOJ).

Three foreign nationals have been arrested and charged over the alleged international fraud operation, which targeted businesses by exploiting employees' trust in senior executives and legal professionals. The scheme involved impersonating company CEOs over calls before posing as lawyers at major international law firms to make fictitious financial transactions appear legitimate.

The indictment, unsealed on 5th November by the US Attorney's Office for the Southern District of New York, names Jacob Soall, 41, Sharon Hazan, 54, and Guy Sheetrit, 42, as participants in the alleged conspiracy.

Authorities said Soall was arrested in Spain on 17th June, Hazan in Spain on 5th August, and Sheetrit in the UK on 7th September. Extradition requests for all three are pending.

How the $129M Impersonation Scheme Worked

According to the indictment, the alleged fraudsters typically began by targeting employees at victim companies while pretending to be their chief executives.

Using what prosecutors described as super intelligence technology, the conspirators allegedly mimicked executives' voices and images during calls, making employees believe they were receiving genuine instructions from senior management.

The supposed CEO would tell an employee that confidential financial transactions were underway and ask them to contact lawyers at prominent international law firms who were supposedly handling the deal.

The deception did not stop there. Members of the conspiracy allegedly impersonated those lawyers as well, reinforcing the impression that the transaction was legitimate. The fake legal representatives would eventually instruct employees to wire substantial sums to specified bank accounts controlled by the criminals.

Among the identified victims were a Missouri-based hospital system that lost $4.83 million, a Rhode Island-headquartered bank that was defrauded of $2.68 million, and a California hospital system that lost nearly $2.97 million.

Other reported victims included a UK-based financial technology company, which lost $11.58 million, a Massachusetts mutual fund company that lost $4.64 million, and a Florida-based pet food company that was defrauded of $5.24 million.

Cryptocurrency Used to Move Stolen Money

The alleged operation extended across multiple jurisdictions, with victim companies instructed to transfer money into accounts controlled by conspirators in the US, Spain, Portugal, Greece, the United Arab Emirates, Singapore, Austria, Slovakia, and China.

Once the payments arrived, the conspirators allegedly converted the proceeds into cryptocurrency to conceal their origin, ownership, and control before distributing the money among themselves and other participants.

Prosecutors also detailed the methods allegedly used to make the impersonations convincing. Soall primarily posed as UK-based lawyers and kept a handwritten document titled 'Lawyer Call', containing a script to help him sound like a genuine legal professional.

The script included language intended to discourage employees from discussing their communications with colleagues, potentially preventing them from independently verifying the transactions. Meanwhile, Hazan allegedly played a role in laundering the proceeds, while Sheetrit also allegedly helped move illicit funds.

Defendants Face Up to 20 Years on Fraud Charges

Each defendant faces seven counts, including conspiracy to commit wire fraud, wire fraud, aggravated identity theft, money laundering conspiracy, and money laundering.

The wire fraud and money laundering conspiracy charges each carry maximum potential sentences of 20 years in prison. The aggravated identity theft counts carry additional maximum sentences of two years each.

Hazan was previously convicted in the Southern District of New York in 2008 of conspiracy to commit bank fraud. The latest charges remain allegations. All three defendants are presumed innocent unless and until proven guilty.