Three Charged in AI Fraud Scheme That Stole $129 Million by Impersonating Executives and Attorneys

AI Fraud Scheme Targets Thousands of Companies Worldwide

Three individuals have been indicted on charges of wire fraud and aggravated identity theft after allegedly orchestrating an AI fraud scheme that stole approximately $129 million from companies across the globe.1

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Jacob Soall, 41, Sharon Hazan, 54, and Guy Sheetrit, 42, operated this AI voice-cloning scheme for more than 18 months, targeting thousands of businesses in what prosecutors describe as a sophisticated example of AI-enabled cybercrime.2

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The indictment, filed in U.S. District Court in New York, details how the trio used artificial intelligence to impersonate CEOs and attorneys, exploiting trust within corporate hierarchies to execute large-scale fraud.

How the AI-Driven Methodology Worked

The defendants employed a multi-layered approach to deceive their targets. They initially contacted accounting departments via email, posing as the company's CEO and requesting assistance with confidential financial transactions.3

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The scheme escalated with phone or video calls where the group used AI to mimic both the voice and sometimes the image of corporate executives, creating convincing impersonations that bypassed typical security measures.1

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After establishing credibility, the fraudsters directed employees to contact attorneys at major law firms—roles the defendants were prepared to impersonate as well. Jacob Soall specialized in impersonating attorneys from the UK and maintained a handwritten script titled "Lawyer Call" to enhance his credibility when defrauding victims.4

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Diverse Victims Across Multiple Sectors

The scope of victims demonstrates the indiscriminate nature of this AI to steal $129 million operation. Targeted organizations included hospital systems in Missouri and California, a bank in Rhode Island, a financial technology company in the United Kingdom, a mutual fund company in Massachusetts, and a pet food company in Florida.2

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The defendants, operating from Spain, the UK, Israel, and the United Arab Emirates, face additional charges of money laundering as they converted stolen funds into cryptocurrency to obscure the money trail.3

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The trio, who adopted nicknames including "Rocky Balboa," "Superman Cash," and "Fat Boy," distributed proceeds among themselves and other accomplices after laundering through global bank accounts.

Law Enforcement Response and Legal Proceedings

All three suspects were arrested between June and September, with Soall and Hazan apprehended in Spain and Sheetrit in the UK. Extradition requests remain pending.1

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Notably, Sharon Hazan has a criminal history, having been convicted in 2008 in a New York court of conspiracy to commit bank fraud.4

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FBI Assistant Director James C. Barnacle Jr. emphasized the significance of this case in demonstrating how criminals weaponize emerging technologies. "As criminals continue to weaponize emerging technologies, the FBI remains committed to rapidly adapting our capabilities to identify, investigate, and disrupt those who seek to harm New Yorkers and businesses operating in our communities," he stated.3

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If convicted, the defendants face maximum sentences of 20 years for each wire fraud charge, while the aggravated identity theft charge carries a maximum two-year sentence.

Implications for Corporate Security

This case signals a critical inflection point for businesses as AI-driven fraud techniques become increasingly sophisticated. Companies must reassess verification protocols for financial transactions, particularly those initiated through digital communications. The ability of AI to replicate voices and images with convincing accuracy means traditional authentication methods may no longer suffice. Organizations should implement multi-factor verification systems for high-value transfers, establish out-of-band confirmation procedures, and train employees to recognize potential impersonation attempts. The cryptocurrency component of the money laundering operation also highlights the challenges law enforcement faces in tracking digital assets across international borders. As AI tools become more accessible, similar schemes may proliferate, requiring businesses to stay vigilant about emerging fraud patterns and invest in detection technologies that can identify AI-generated content. Watch for regulatory responses that may mandate stricter controls on AI voice synthesis tools and enhanced corporate governance requirements around financial authorizations.