Idris Dayo Mustapha, a 33-year-old British-Nigerian man, has confessed to orchestrating a highly sophisticated cyber fraud scheme over a period of seven years.
Mustapha, who played a crucial role in a hacking group, specifically targeted the email and brokerage accounts of American companies between 2011 and 2018.
As a result, these corporations suffered substantial losses surpassing $6 million (£4.7 million).
US authorities had been actively pursuing Mustapha for several years and the crimes he committed carry a potential prison sentence of up to 20 years.
During a court hearing in Brooklyn, New York on Tuesday, Mustapha pleaded guilty to four charges: computer intrusion, securities fraud, wire fraud, and access device fraud.
The BBC has reported that Mustapha and his group hacked into the computer servers of US financial institutions to gain unauthorized access to sensitive user data, including personal identifying information.
They then utilized the stolen information and passwords to transfer funds and securities from their victims’ accounts to accounts they controlled.
Additionally, they exploited the hacked accounts to carry out stock trades without the account holders’ knowledge.
A 33-year-old British-Nigerian man Idris Dayo Mustapha has admitted to orchestrating a sophisticated cyber fraud scheme spanning seven years.