A Nashville, Tenn. judge charged a Pelham man on Monday with theft of over $250,000 and money laundering.
Tennessee Bureau of Investigation’s Cybercrime and Digital Evidence Unit special agents arrested an Alabama man in October accused of participating in a sophisticated $26 million fraud scheme, according to an announcement on Monday.
Agents began investigating the scheme earlier this year, after receiving information from an unnamed victim organization that reported losses of more than $26 million.
Following an investigation, agents identified Wilbert Cannaday, 64, as a participant in the scheme, which involved a coordinated effort to convince at least two employees of the organization to change bank routing information and fraudulently divert payments.
Agents were able to recover about $20 million of the stolen funds. Efforts to investigate the scheme and recover the victim’s funds continue.
Agents arrested Cannaday in Pelham on October 24 with the assistance of the Alabama Law Enforcement Agency and Pelham Police Department.
Cannaday remains in custody on a $1 million bond in the Davidson County Jail.
The investigation remains active and ongoing, with the potential for additional arrests and recoveries.
To connect with the author of this story or to comment, email caleb.taylor@1819News.com.
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