US Indicts 3 For Using AI Deepfakes To Impersonate CEOs & Lawyers In $129 Million Fraud Targeting Companies Worldwide

Three individuals were indicted in the United States for utilizing AI deepfakes to impersonate corporate executives and attorneys in a $129 million fraud scheme targeting companies worldwide, according to prosecutors. Jacob Soall, 41, Sharon Hazan, 54, and Guy Sheetrit, 42, were arrested as foreign nationals and charged with wire fraud and aggravated identity theft.

The scheme, which spanned over a year and a half, targeted thousands of companies across the globe, including hospital systems, banks, financial technology companies, mutual fund companies, and a pet food company. The indictment, filed in a New York district court, also charges the defendants with money laundering. They were from Spain, the UK, Israel, and the UAE.

In 2008, Hazan had a conviction for conspiracy to commit bank fraud in a New York court. The defendants typically impersonated CEOs in emails requesting financial assistance and coordinated phone or video calls where they used AI to mimic the voice and, sometimes, the image of the CEO. They would then instruct employees to transfer large sums to bank accounts oversea, which were later converted to cryptocurrency.

The FBI emphasized the use of advanced technology for fraud and their commitment to adapt capabilities to combat such crimes. If convicted, the maximum sentence for each charge is 20 years, except for aggravated identity theft, which carries a maximum of two years.