A 75-year-old Rhode Island man pleaded guilty to laundering $35 million from romance scams targeting vulnerable elderly victims, creating an elaborate network of shell companies to funnel money overseas while actively working to evade law enforcement detection.
Key Takeaways
- Craig Clayton of Cranston, RI, faces up to 20 years in prison after admitting to laundering $35 million from romance and elderly fraud schemes
- Clayton operated as a “virtual CFO” through Rochart Consulting from 2019-2021, creating shell companies and fraudulent bank accounts across Rhode Island and Massachusetts
- One shell company alone, Providence Sanitizer, laundered at least $16.8 million in fraud proceeds
- Clayton actively attempted to evade law enforcement by using encrypted communications and suggesting secure messaging platforms to co-conspirators
- Sentencing is scheduled for August 13, 2025, with potential penalties including prison time and fines up to $500,000 or more
Elderly Man Confesses to Massive Money Laundering Scheme
Craig Clayton, a 75-year-old Cranston resident, has pleaded guilty to charges related to a sophisticated $35 million money laundering operation that targeted vulnerable individuals through romance scams and elderly fraud schemes. Clayton’s operation, which ran from 2019 to 2021, involved creating multiple shell companies and fraudulent bank accounts across Rhode Island and Massachusetts. These accounts served as conduits for illegal funds that were ultimately transferred overseas to countries including China and Switzerland. The case reveals how criminals exploit financial systems to facilitate international fraud schemes.
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
Clayton operated under the guise of a legitimate business called Rochart Consulting, where he presented himself as a “virtual CFO” for foreign clients. This sophisticated facade allowed him to orchestrate the movement of millions in fraudulent funds through domestic banking systems without raising immediate suspicion. One of Clayton’s shell companies, Providence Sanitizer, was particularly active in the scheme, processing at least $16.8 million in fraudulent transactions. The extensive network of accounts enabled scammers to direct victims to send money that appeared to be going to legitimate businesses.
Sophisticated Tactics to Avoid Detection
Despite his advanced age, Clayton demonstrated considerable sophistication in his attempts to evade law enforcement scrutiny. According to court documents, he advocated for the use of encrypted communications among his associates and specifically suggested using the Signal app for secure messaging. Prosecutors noted that Clayton was concerned about communication channels that “can be tapped” by law enforcement, showing his awareness of investigative techniques and his deliberate efforts to circumvent them.
“Prosecutors said that he was concerned about using communication channels that ‘can be tapped’ by law enforcement,” stated the U.S. Attorney’s Office.
Clayton even took steps to create diversions for investigators, with prosecutors revealing that he deliberately tried to “distract the police” from his illegal activities. These tactics demonstrate the calculating nature of his criminal enterprise and his commitment to protecting the operation from discovery. Clayton’s eventual arrest in February 2023 came after authorities had built a substantial case documenting the complex financial web he had created to facilitate these international scams targeting vulnerable victims.
Victims and Impact of Romance Scams
The victims of Clayton’s money laundering operation were predominantly vulnerable individuals who had been manipulated through romance scams or elderly people specifically targeted by fraudsters. These schemes typically involve criminals creating false online personas to develop romantic relationships with victims, gradually building trust before manipulating them into sending money for fabricated emergencies or investment opportunities. The emotional manipulation involved in these scams makes them particularly devastating, as victims suffer both financial and psychological harm.
Clayton’s guilty plea includes admissions to one count of money laundering conspiracy and one count of obstruction of justice. The severity of these charges reflects the significant role he played in enabling international fraud operations to successfully target American victims. His scheduled sentencing on August 13, 2025, could result in up to 20 years in federal prison and fines reaching $500,000 or more. This case highlights the urgent need for stronger protections for elderly Americans who continue to be primary targets for sophisticated international fraud operations.
