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WHEELING, W.Va. — An Oklahoma man has admitted to wire fraud for his role in a scheme that targeted the Ohio Valley Industrial & Business Development Corporation, doing business as the Regional Economic Development Partnership (RED), a private nonprofit development corporation based in Wheeling, announced U.S. Attorney Matthew L. Harvey.
Terry Pierce, 48, of Muskogee, Oklahoma, has admitted to his involvement in a Business Email Compromise (BEC) scheme. BEC schemes are a sophisticated form of fraud in which perpetrators compromise legitimate business or personal email accounts. These schemes often result in unauthorized transfers of funds and significant financial losses for both organizations and individuals.
According to court documents, RED was targeted in October 2024. 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. The person then provided Pierce’s checking account routing number to receive the payment, totaling $30,750. Two days later, Pierce received the funds, transferred them into another account he controlled and depleted the balance.
The investigation further revealed Pierce’s involvement in additional fraudulent activity resulting in approximately $220,000 in actual or intended loss.
Pierce is facing up to 20 years in federal prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Assistant U.S. Attorney Jarod Douglas is prosecuting the case on behalf of the government. The West Virginia State Police are investigating. U.S. Magistrate Judge James P. Mazzone presided.
