A 75-year-old Rhode Island man faces up to 20 years in prison after confessing to laundering $35 million from vulnerable romance scam victims, using an elaborate network of shell companies to funnel the stolen funds overseas while actively working to evade law enforcement.
Key Takeaways
- Craig Clayton of Cranston operated a “virtual CFO” business from 2019 to 2021 that laundered $35 million from romance and elderly-fraud scams
- Clayton created shell companies and fraudulent bank accounts across Rhode Island and Massachusetts, with one fake business alone funneling $16.8 million
- The 75-year-old actively obstructed justice by recommending encrypted communications to avoid detection by authorities
- After pleading guilty to money laundering conspiracy and obstruction, Clayton faces sentencing on August 13, 2025, with potential penalties of 20 years imprisonment and fines up to $500,000
Sophisticated Money Laundering Operation
Craig Clayton, a 75-year-old Cranston resident, has admitted to operating a sophisticated money laundering scheme that processed $35 million from vulnerable victims of internet romance and elderly-fraud scams. From 2019 to 2021, Clayton operated Rochart Consulting, a self-described “virtual CFO” business that provided financial services to foreign clients. This seemingly legitimate operation was actually a front for systematically laundering millions obtained through various scams targeting unsuspecting victims, particularly lonely individuals seeking romantic connections online and vulnerable elderly Americans.
Clayton’s operation involved creating a complex web of shell companies and opening fraudulent business bank accounts across Rhode Island and Massachusetts. Victims who had been manipulated by scammers were directed to send money to these accounts, believing they were making legitimate investments or helping romantic partners in need. One shell company called Providence Sanitizer was particularly prolific, laundering at least $16.8 million of the total criminal proceeds. After receiving funds from victims, Clayton would then quickly transfer the money overseas to countries including China and Switzerland.
“Clayton established numerous shell corporations and opened multiple fraudulent business bank accounts that could be ‘tapped’ by his co-conspirators,” stated U.S. Attorney’s Office.
Deliberate Obstruction of Justice
Beyond the money laundering itself, Clayton took deliberate steps to obstruct justice and evade law enforcement detection. Court documents revealed that Clayton strategically recommended using encrypted communications platforms to prevent authorities from intercepting messages between himself and his co-conspirators. Specifically, he proposed using Signal for secure messaging after becoming concerned about potential surveillance. This calculated approach demonstrates the premeditated nature of Clayton’s criminal activity and his awareness of its illegality.
“Clayton also admitted that he attempted to ‘distract the police’ by making false statements and suggesting conspirators communicate through an encrypted messaging app that, unlike regular text messages, cannot be ‘tapped’ by investigators,” stated U.S. Attorney.
The scheme finally came to an end when Clayton was arrested in February 2023 and subsequently charged by criminal complaint. After facing the mounting evidence against him, Clayton pleaded guilty to one count of money laundering conspiracy and one count of obstruction of justice. The guilty plea represents a significant admission of culpability in a scheme that caused substantial financial and emotional harm to countless victims who were already being exploited by the original scammers.
A 75-year-old Cranston man faces up to 20 years in prison after he pleaded guilty to laundering $35 million from romance and elderly-fraud scams. https://t.co/LFHYITkshu
— Providence Journal (@projo) May 13, 2025
Serious Consequences Ahead
Clayton now awaits sentencing, scheduled for August 13, 2025, where he faces potentially severe consequences for his actions. The charges carry maximum penalties of up to 20 years in federal prison, supervised release, and fines that could exceed $500,000 or twice the value of the property involved in the transactions. The case represents another example of how financial criminals increasingly exploit technology and vulnerable populations, particularly the elderly, to facilitate massive fraud schemes that can devastate victims’ life savings and retirement funds.
This case highlights the ongoing challenge of combating transnational fraud operations that target American citizens. While Clayton’s conviction represents a success for law enforcement, the underlying romance scams that generated the funds continue to proliferate. The sophisticated nature of Clayton’s operation demonstrates how modern money launderers create layers of seemingly legitimate businesses to conceal the movement of criminal proceeds, making detection increasingly difficult for financial institutions and regulatory authorities.
