⏱ 2 min read
Terry Pierce, a 48-year-old Oklahoma man, has admitted to a wire fraud scheme that targeted the Regional Economic Development Partnership (RED) in Wheeling, West Virginia. The scheme, which occurred in October 2024, involved a Business Email Compromise (BEC) scam where an unknown person sent a message to RED using a compromised email address, requesting payment for solar panels installed on the former Horne’s Department Store building in Wheeling. Pierce provided his checking account routing number to receive the payment, totaling $30,750.
The investigation revealed that Pierce was involved in additional fraudulent activity, resulting in approximately $220,000 in actual or intended loss. Pierce is facing up to 20 years in federal prison and will be sentenced by a federal district court judge after considering the U.S. Sentencing Guidelines and other statutory factors.
The West Virginia State Police are investigating the case, with Assistant U.S. Attorney Jarod Douglas prosecuting on behalf of the government. U.S. Magistrate Judge James P. Mazzone presided over the case.
The BEC scheme is a sophisticated form of fraud that compromises legitimate business or personal email accounts, often resulting in unauthorized transfers of funds and significant financial losses for both organizations and individuals. Pierce’s admission to the wire fraud scheme is a significant development in the case, and his sentencing will be closely watched.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: West Virginia
- Location: WV
- Source: DOJ Press Release
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