Inmate Who Stole $11M From Charles Schwab Escapes Georgia Camp

Arthur Cofield, 34, escaped from the minimum-security federal prison camp in Jesup, Georgia, on May 26, authorities said. Cofield had been convicted in a scheme that diverted $11 million from a Charles Schwab brokerage account and used the money to buy thousands of gold coins.

Federal filings allege Cofield used a contraband cellphone to impersonate a Schwab customer identified in court records as “S.K.” A co-conspirator provided a driver’s license and a utility bill that investigators say were used to open a checking account in the victim’s name. Prosecutors say Schwab wired $11 million from the victim’s account to an Idaho precious metals dealer, where the funds purchased 6,106 American Gold Eagle coins.

According to court records, a private security firm moved the coins from Idaho to Atlanta. Prosecutors allege some of the proceeds were later used to buy a $4 million house near West Paces Ferry in Atlanta.

Federal prosecutors filed additional charges against Cofield while he was already in custody. He had been serving time for an armed robbery conviction in Butts County and faced an attempted murder charge in Fulton County. In 2024 a judge sentenced him to more than 11 years in prison after convictions on identity theft and conspiracy counts tied to wire fraud, mail fraud and bank fraud, and ordered him to pay restitution to the Schwab account holder.

Officials at the Federal Correctional Institution in Jesup discovered Cofield missing from the minimum-security camp on the afternoon of May 26. The FBI has classified him as armed and dangerous and has offered a reward of up to $10,000 for information that leads to his capture. Local and federal law enforcement agencies are conducting a manhunt and asking the public to report tips to the FBI.

The incident drew attention online in fintech and cryptocurrency circles. David Schwartz, former chief technology officer at Ripple, wrote on X: “I don’t know whether to be mad or impressed.”

Charles Schwab has announced plans to expand services for digital-asset investors, including crypto custody through 2027. Authorities continue to investigate the route of funds and the roles of Cofield’s alleged co-conspirators, and prosecutors have outlined the movements of money and physical assets in court filings.