Man Who Stole $11M From Charles Schwab Just Escaped Prison, Ripple Ex-CTO Reacts

Arthur Cofield, serving time in Georgia, stole $11 million from a Charles Schwab customer using a contraband cellphone and a stolen identity, wired the proceeds to a precious-metals dealer and bought 6,106 American Gold Eagle coins. The coins were transported to Atlanta and converted in part into a $4 million mansion. Cofield escaped a federal minimum-security camp on May 26; the FBI has classified him as armed and dangerous and is offering up to $10,000 for information. The episode has drawn attention in crypto and financial circles and could raise reputational and security concerns for Charles Schwab as it expands crypto custody services, though the incident is criminal rather than a market-wide event.