Arthur Cofield, a 34-year-old incarcerated for identity theft, stole $11 million from a Charles Schwab brokerage account using a contraband cellphone while serving his sentence. He escaped a Georgia federal prison on May 26 and converted the stolen cash into gold coins and a $4 million Atlanta mansion. The FBI now calls him armed and dangerous, offering a $10,000 reward for his capture.
The Contraband Phone Scheme
Cofield impersonated a victim known as S.K. using a driver's license and utility bill from a co-conspirator. That fake identity opened the door to a fraudulent checking account. He pulled off the $11 million heist from his prison cell. Then he walked out the prison gates on May 26.
Gold Coins to Mansion
Those stolen funds bought 6,106 American Gold Eagle coins in short order. Cofield then turned the gold into a $4 million mansion near West Paces Ferry in Atlanta. The property purchase happened before his prison escape. It's how he moved the cash.
Schwab's Crypto Crosshairs
Schwab's planned expansion into crypto custody through 2027 has brought new heat to this case. Industry eyes are on the firm's security protocols as it moves toward digital assets. The fraud happened while the company was still in traditional brokerage. Now it's under scrutiny.
The Ongoing Hunt
The FBI search for Cofield continues with no new updates since the reward was announced. David Schwartz, former Ripple CTO, called the scheme both shocking and impressive on social media. Authorities warn the public not to approach the fugitive. His next move remains unknown.
