FBI Hunts Escaped Georgia Inmate Linked to $11M Schwab Fraud Case

• The FBI is offering up to $10,000 for information leading to Arthur Lee Cofield’s arrest.
• Authorities say he used a contraband cellphone to access a victim’s Charles Schwab account.
• Prosecutors say $11 million was used to buy 6,106 gold coins and a $4 million mansion.

The FBI is offering a reward of up to $10,000 as authorities continue searching for Arthur Lee Cofield, an escaped federal inmate tied to an $11 million Charles Schwab fraud scheme. Officials say Cofield left the minimum-security camp beside the Federal Correctional Institution in Jesup, Georgia, on May 26.

According to federal authorities, Cofield should be considered armed and dangerous. The case has drawn wider attention after prosecutors said he used a contraband cellphone while already in custody to steal a victim’s identity and move millions through a brokerage account.

FBI Issues Reward After Escape

Federal investigators say Cofield, 34, was discovered missing from the prison camp on the afternoon of May 26. The FBI’s Atlanta office is assisting the U.S. Marshals Service in the search.

Source: FBI.GOV

The FBI notice describes Cofield as 5 feet 4 inches tall and about 210 pounds. He has black hair, brown eyes, and ties to the Atlanta metropolitan area. The notice also lists aliases, including “Lil Co,” “Archie Dee,” “Don Meet,” and “Yap.”

Authorities said anyone with information should contact the FBI or the U.S. Marshals Service. The reward applies to information leading to Cofield’s arrest.

Related: French Police Trace €1.5M Crypto Investment Scam to Albanian Call Centres

Contraband Phone Used in Fraud

Cofield was serving an 11-year sentence after being convicted of conspiracy to commit bank fraud and aggravated identity theft. Prosecutors said the fraud occurred while he was already incarcerated.

According to the case, Cofield used a contraband cellphone to access the online account of a Charles Schwab client identified in court documents as “S.K.” A co-conspirator allegedly helped by sending a driver’s license image and a Los Angeles utility bill connected to the victim.

Authorities said Cofield then impersonated the victim and opened a checking account in the victim’s name. Charles Schwab later wired $11 million from the victim’s funds to an Idaho precious metals dealer.

Related: Cyprus Police Probe Two Crypto Scams After €75,000 Losses

Gold Coins and Mansion Followed

Prosecutors said the money was used to buy 6,106 American Gold Eagle coins. A private security company then transported the coins from Idaho to Atlanta by private plane.

Investigators said the gold coins were later used in a transaction connected to the purchase of a $4 million mansion near West Paces Ferry in Atlanta. Cofield was sentenced in 2024 and ordered to pay restitution to the victim.

The case also reached crypto circles after Ripple CTO emeritus David Schwartz reacted on X, writing that he did not know whether to be mad or impressed. His comment came as the story spread online due to the size of the fraud and the use of a cellphone from inside prison.

The manhunt remains active. Federal authorities continue asking the public to report any information on Cofield’s location while warning that he should not be approached.