Police say a New York man caught using a stolen identity in Stamford had scammed two out-of-state businesses out of more than $300,000.

Dennis Morehead, 47, was arraigned today after being taken into custody Friday while appearing in court on other charges.

Officials say an investigation into Morehead began back in October when he attempted to open a bank account at the People's Bank in Stamford using a stolen identity, a fake license and fake utility bills.

The bank immediately contacted police, who took Morehead into custody at that time.

Morehead had no criminal history up until that point, officials say.

Investigators say they learned he had fraudulently opened other bank accounts in Stamford.

Police tell News 12 Connecticut they were able to view those records and discovered two out-of-state businesses had wired large amounts of money to those accounts - one business sent $230,000 while the other sent $75,000.

"They were tricked in what's called a business email compromise in which, basically, someone gets into their emails, their communications and is able to convince them to redirect a legitimate wire into an account that they controlled," says Investigator Mike Stempien of the Stamford Police Department.

Police say the scam usually targets people related to a company's finance department, where the scam gets them to click a link which turns out to be malware or a website that steals credentials.

The scammer can then monitor money transfers, intercept them, and change where they end up.

Police say Morehead's scam was coordinated, and they believe he's not the only person behind it.

"We anticipate more arrests in the future," says Stempien.

Morehead was charged with racketeering, money laundering, identity theft, criminal impersonation, forgery and larceny.