Inmate who stole $11M from Schwab escapes Georgia prison

Arthur Cofield, 34, was reported missing from the minimum-security Federal Correctional Institution in Jesup, Georgia, on May 26. The FBI classified him as armed and dangerous and offered a reward of up to $10,000 for information leading to his capture.

Federal court records show Cofield used a contraband cellphone while already incarcerated to assume the identity of a Charles Schwab client identified in filings as “S.K.” A co-conspirator supplied a driver’s license and a utility bill in S.K.’s name, which Cofield used to open a checking account in the victim’s name.

Charles Schwab wired $11 million from the victim’s brokerage account to an Idaho precious metals dealer, and the funds were used to purchase 6,106 American Gold Eagle coins, according to court filings. A private security firm transported the coins to Atlanta, where some of the proceeds were converted into a home near West Paces Ferry valued at about $4 million in the filings.

Cofield pleaded guilty and in 2024 received a sentence of more than 11 years on charges of identity theft and conspiracy to commit wire fraud, mail fraud and bank fraud. The court ordered restitution to the victim. Prosecutors filed the fraud charges while Cofield was serving time for an armed robbery conviction in Butts County, Georgia; he also faced an attempted murder charge in Fulton County.

Court papers and prosecutors say the smuggled phone allowed Cofield to communicate with associates outside the facility, open accounts in the victim’s name and authorize transfers that led to the purchase of the gold coins. Authorities have not released details on how Cofield left the prison camp, and federal and prison officials are conducting a manhunt.

David Schwartz, former chief technology officer at Ripple, posted on X: “I don’t know whether to be mad or impressed.” The post drew attention in financial and crypto circles because of the size of the fraud and the use of physical gold to move the funds.

The FBI and prison officials ask anyone with information about Cofield’s location to contact law enforcement.