NASHVILLE, Tenn. (WKRN) — An Alabama man has been arrested and charged for participating in what the Tennessee Bureau of Investigation (TBI) called a multi-million-dollar “sophisticated fraud scheme.”
The TBI announced on Monday special agents in its Cybercrime & Digital Evidence Unit arrested and charged Wilbert Cannaday, 64, for his involvement in a multi-million-dollar fraud scheme.
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According to the TBI, agents began investigating earlier this year after being contacted by the victim organization, which reported losses of more than $26 million. The investigation identified Cannaday as a participant in the scheme, which involved a coordinated effort to convince at least two organization employees to change bank routing information and fraudulently divert payments.
TBI agents were reportedly able to recover more than $20 million of the funds.
Agents working in conjunction with the Alabama Law Enforcement Agency and Pelham Police Department arrested Cannaday near Birmingham.