Arthur Cofield, a 34-year-old Atlanta man already serving time for prior convictions, stole $11 million from a Charles Schwab brokerage account using a contraband cellphone, then escaped from a Georgia federal prison on May 26.
The case drew a wry response from David Schwartz, former Chief Technology Officer at Ripple, who wrote on X that he could not determine whether to be more shocked or impressed.
A Contraband Phone, a Stolen Identity, and 6,000 Gold Coins
Cofield was already incarcerated when federal prosecutors filed new charges against him in December 2020. He was serving time for armed robbery in Butts County, Georgia, and faced an attempted murder charge in Fulton County.
Cofield used a smuggled phone to steal the identity of a Schwab client, identified in court documents only as “S.K.” A co-conspirator supplied S.K.’s driver’s license and a utility bill. Cofield used those documents to impersonate the victim and open a checking account in their name.
Charles Schwab then wired $11 million from the victim’s account to an Idaho precious metals dealer. The funds purchased 6,106 American Gold Eagle coins. A private security firm transported the coins from Idaho to Atlanta, where they were converted into a $4 million mansion near West Paces Ferry.
He was sentenced in 2024 to more than 11 years for identity theft and conspiracy to commit wire fraud, mail fraud, and bank fraud. The court ordered him to pay restitution to the victim.
FBI Issues $10,000 Reward as Manhunt Continues
On the afternoon of May 26, authorities at the Federal Correctional Institution in Jesup found Cofield missing from the minimum-security camp. The FBI has since announced a reward of up to $10,000 for information leading to his capture. He is classified as armed and dangerous.
The story spread quickly in crypto circles. Charles Schwab is competing for crypto market share against digital-native brokers, and a fraud of this scale at the firm draws attention from the industry. The firm’s crypto custody expansion plans through 2027 have raised its profile further.
Whether Cofield is recaptured in the coming days, the scheme raises a persistent question for federal authorities. A cellphone and a stolen identity, it turns out, can go a long way.
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