Wilbert Cannaday, 64, was recently charged with participating in a fraud scheme that cost the victim organization more than $26 million, according to a release from the Tennessee Bureau of Investigation (TBI).

“TBI agents began investigating the scheme earlier this year, after receiving information from the victim organization,” the release says.

“Following a thorough investigation, agents identified a man, Wilbert Cannaday, as a participant in the scheme, which involved a coordinated effort to convince at least two employees of the organization to change bank routing information and fraudulently divert payments.”

“Throughout the investigation, agents were able to recover more than $20 million of the funds. Efforts to investigate the scheme and recover the victim’s funds continue.”

On October 24th, with the assistance of the Alabama Law Enforcement Agency and Pelham Police Department, agents arrested Cannaday near Birmingham, according to the release.

On Monday, a Davidson County judge formally charged Cannaday with one count of theft over $250,000 and one count of money laundering, after which authorities booked him into the Davidson County Jail, where he currently remains in custody on a $1 million bond.

The investigation remains active and ongoing, with the potential for additional arrests and recoveries, according to the TBI.