Suspect indicted for multi-million dollar fraud from his jail cell

ATLANTA, Georgia (WDEF) – A Georgia man has been indicted on charges of conducting a multi-million dollar fraud from a jail cell.

Arthur Cofield was serving a 14 year term for armed robbery and faces another attempted murder indictment.

But, as U.S. Attorney Bjay Pak says “Some prisoners aren’t interested in rehabilitation or paying their debt to society.”

Federal investigators say he used contraband cellphones in prison to scam an Atlanta area millionaire.

And it was a big sting.

They say he hacked the identity of the victim this summer.

He then got control of his account with Charles Schwab.

With the help of someone connected to the victim, he got documents that allowed him to open a Schwab checking account.

Then he contracted with a metals company in Idaho… using the victim’s identity.. to buy more than 6,000 American Gold Eagle one-ounce coins.

The price tag was just under $11 million.

Investigators say Cofield used Schwab to transfer the money to the metals company.

He then hired a security team and a private plane to fly the coins to Atlanta.

And he had associates, armed with fake identities, to take possession of the coins.

By September, he turned around $4.4 million to buy a six-bedroom residence near the wealthy West Paces Ferry neighborhood in north Atlanta.

Cofield and two conspirators have now been indicted for multiple counts of conspiracy to commit bank fraud and money laundering.

Categories: Regional News, State News – Georgia