# US indictment: AI impersonation ring took $2.7m from a Rhode Island bank, $11.6m from a UK fintech

Source: https://www.bankingnewsai.com/ai-incidents/rhode-island-bank-2024-ai-ceo-impersonation-wire-fraud
Last updated: Nov 10, 2026

A bank headquartered in Rhode Island (not named by prosecutors) and A financial technology company headquartered in the United Kingdom (not named by prosecutors) · AI used against the institution · severity 4 of 5

An indictment unsealed in Manhattan on 5 November 2026 alleges that three men and their co-conspirators imitated the voices and images of chief executives and law-firm attorneys to trick employees into wiring money for sham confidential deals. According to the US Attorney's Office for the Southern District of New York, the scheme took more than $129 million between 2024 and 2026, including $2,684,580 from a bank headquartered in Rhode Island and $11,578,474 from a financial technology company headquartered in the United Kingdom. American Banker reported that the Rhode Island theft took place in November 2024, and that the indictment does not say whether the voice or image imitation was used against the bank specifically. Neither institution is named. The defendants, arrested in Spain and the UK, await extradition; the charges are allegations.

## Key facts

|  |  |
| --- | --- |
| Date | Nov 2024 (disclosed Nov 5, 2026) |
| Institution | A bank headquartered in Rhode Island (not named by prosecutors) and A financial technology company headquartered in the United Kingdom (not named by prosecutors) |
| Country | United States |
| AI system | Technology used to imitate the voices and at times the images of chief executives and law-firm attorneys on calls; the Justice Department's release calls it 'super intelligence (SI)' and press reports describe it as AI |
| AI? | Described as AI by the institution or regulator — The institution, a regulator or a court called the system AI. |
| Category | Deepfake fraud (AI used against the institution) |
| Status | Court filing |
| Severity | 4 of 5 — Large losses with criminal charges: prosecutors allege $2,684,580 taken from the bank and $11,578,474 from the fintech, within a scheme of more than $129 million across many companies; the allegations are unproven and neither institution is named. |

## What happened?

According to the Justice Department's description of the indictment, between 2024 and 2026 Jacob Soall, Sharon Hazan, Guy Sheetrit and co-conspirators posed as chief executives of victim companies, telling an employee they needed help with a confidential financial transaction and using the technology to mimic the executive's voice and/or image on calls. The employee was then referred to lawyers at large international law firms, whom the group also impersonated, and was ultimately directed to wire a large sum to an account the conspirators controlled. The release uses the term 'super intelligence (SI)' for the technology; the Guardian, the Associated Press and American Banker describe it as artificial intelligence. [1][2][3][4]

Prosecutors listed six victims by description, two of them financial firms: a bank headquartered in Rhode Island, which lost $2,684,580, and a financial technology company headquartered in the United Kingdom, which lost $11,578,474. The others were hospital systems in Missouri and California, a mutual fund company in Massachusetts and a pet food company in Florida. In total the scheme allegedly took more than $129 million; the Associated Press reported that, according to the indictment, it targeted thousands of companies over more than a year and a half. [1][3][4]

American Banker, which read the indictment, reported that impostors posing as the Rhode Island bank's chief executive took about $2.68 million from the bank in November 2024. It reported that at a major New York investment bank the same group allegedly tricked an employee into authorizing a wire of about $2.85 million in October 2024, which the bank's back office stopped. Prosecutors named neither bank. American Banker added that the indictment does not specify whether the group used voice or image imitation against the two banks specifically, and does not say whether the Rhode Island bank recovered any money. [2]

The approach typically began with an email sent through an electronic-signature service that appeared to come from the employee's chief executive and asked the employee to sign a non-disclosure agreement and call an outside lawyer, American Banker reported from the indictment. The targets generally worked in accounting and could approve large wires. Victims' money was sent to accounts in countries including the United States, Spain, Portugal, Greece, the United Arab Emirates, Singapore, Austria, Slovakia and China and then converted into cryptocurrency, according to the Justice Department. [1][2]

## Timeline

- Oct 2024 — A New York investment bank's back office stops a wire of about $2.85 million that an employee had authorized after contact from the group, American Banker reports from the indictment. [2]
- Nov 2024 — Impostors posing as a Rhode Island bank's chief executive allegedly take about $2.68 million from the bank. [1][2]
- Jun 17, 2026 — Jacob Soall is arrested in Spain; Sharon Hazan is arrested in Spain on 5 August and Guy Sheetrit in the United Kingdom on 7 September. [1]
- Nov 5, 2026 — The US Attorney's Office for the Southern District of New York and the FBI announce the unsealing of the indictment. [1][4]

## What was the impact?

- Financial: $2,684,580 from the Rhode Island bank and $11,578,474 from the UK fintech, per the Justice Department; more than $129 million across all victim companies
- Other: amountUsd is the sum of the two financial-firm losses listed by prosecutors. A further wire of about $2.85 million at a New York investment bank was stopped before it left, American Banker reported. [1][2]

## How did A bank headquartered in Rhode Island (not named by prosecutors) and A financial technology company headquartered in the United Kingdom (not named by prosecutors) respond?

No public statement found as of 2026-11-10 from either institution; prosecutors did not name them.

## What was the outcome?

Criminal case pending. Each defendant is charged with conspiracy to commit wire fraud, wire fraud, two counts of aggravated identity theft, money laundering conspiracy and two counts of money laundering; extradition requests for all three were pending when the indictment was unsealed. The Justice Department notes that the charges are accusations and the defendants are presumed innocent. No recovery of the bank's or the fintech's money has been reported. [1][2]

## FAQ

### Which bank lost money in the $129 million AI impersonation scheme?

Prosecutors did not name it. The Justice Department said the victims included a bank headquartered in Rhode Island, which lost $2,684,580, and a financial technology company headquartered in the United Kingdom, which lost $11,578,474. American Banker reported that the Rhode Island theft took place in November 2024.

### Was a deepfake used against the Rhode Island bank?

The indictment alleges that the group imitated the voices and at times the images of chief executives and lawyers across the scheme. American Banker, which read the indictment, reported that it does not specify whether that tactic was used against the Rhode Island bank or the New York investment bank specifically.

### What is the status of the case?

The indictment was unsealed on 5 November 2026 in the Southern District of New York. The three defendants were arrested in Spain and the United Kingdom between June and September 2026 and extradition requests were pending. The charges are allegations and the defendants are presumed innocent.

## Sources

1. [Three Foreign Nationals Arrested And Charged With Scheme To Use Super Intelligence To Defraud Companies Of $129 Million](https://www.justice.gov/usao-sdny/pr/three-foreign-nationals-arrested-and-charged-scheme-use-super-intelligence-defraud) — US Attorney's Office, Southern District of New York, Nov 5, 2026 (official): "(ii) $2,684,580 from a bank headquartered in Rhode Island; (iii) $2,968,497 from a hospital system headquartered in California; (iv) $11,578,474 from a financial technology company headquartered in the United Kingdom"
2. [How an alleged fake-CEO scheme took $2.7M from R.I. bank](https://www.americanbanker.com/news/how-an-alleged-fake-ceo-scheme-took-2-7m-from-r-i-bank) — American Banker, Nov 9, 2026 (news): "Impostors posing as a Rhode Island bank's CEO allegedly took about $2.68 million from the bank in November 2024, according to a recently unsealed indictment."
3. [Three men charged in US with using AI to impersonate CEOs and steal millions](https://www.theguardian.com/us-news/2026/nov/06/ai-ceo-impersonation-theft) — The Guardian, Nov 6, 2026 (news)
4. [3 Charged in Scheme to Use AI to Impersonate CEOs and Attorneys to Steal $129 Million](https://www.securityweek.com/3-charged-in-scheme-to-use-ai-to-impersonate-ceos-and-attorneys-to-steal-129-million/) — SecurityWeek (Associated Press), Nov 6, 2026 (news): "Their victims 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"

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All AI incidents at banks: https://www.bankingnewsai.com/ai-incidents

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