News Summary Craig Clayton, a 75-year-old resident of Cranston, was sentenced to four years in prison for laundering approximately $35 million from romance scams and fraudulent business schemes. The U.S. District Court found that he operated a business that created shell companies, manipulating vulnerable individuals into sending him money, which was then laundered across multiple countries. Clayton’s actions not only highlight the severity of financial crime but also the importance of protecting the elderly from such scams. Cranston, Rhode Island — Craig Clayton, a 75-year-old resident of Cranston, Rhode Island, was sentenced to four years in prison for his role in laundering approximately $35 million derived from various romance scams and fraudulent business schemes. The sentencing, delivered by U.S. District Court Judge Richard G. Stearns, took place on September 16, 2023, and followed Clayton’s guilty plea earlier in May 2023 in U.S. District Court, Boston. Clayton operated a business called Rochart Consulting, described as providing a “virtual CFO” service from his home located on Parkside Drive. His activities extended from 2019 to 2021, during which he utilized shell companies and fraudulent business bank accounts to launder money for foreign-based clients. The primary victims of these scams were individuals who had been manipulated into sending money under the guise of online romance scams, as well as elderly individuals who fell prey to high-pressure business scams. Throughout this unlawful operation, Clayton created several shell companies, instructing victims to send their money to accounts under the name of these companies. These funds were subsequently transferred to an array of countries, including but not limited to China, Switzerland, Austria, Hong Kong, Thailand, Singapore, India, Ukraine, Malaysia, Poland, and Turkey. Notably, one of Clayton’s shell companies, Providence Sanitizer, falsely claimed to sell hand sanitizer products and laundered at least $16.8 million through its operations. Evidence presented during the investigation revealed that Clayton was keenly aware of the criminal implications of his actions. He expressed concerns over potential law enforcement scrutiny and utilized encrypted communication methods to discuss and circumvent investigations. Moreover, he even suggested gathering “dirt” on a victim who had reported the scam, aiming to distract police from the ongoing investigations. Clayton was arrested in February 2023, leading to the charges laid against him. As part of his sentencing, in addition to prison time, he was also ordered to pay $40,000 in restitution. Following the completion of his four-year prison term, Clayton will be subject to three years of supervised release, during which he will remain under the observance of law enforcement. This case forms part of a growing concern surrounding the expansion of fraudulent schemes targeting vulnerable individuals, particularly the elderly, who may lack the resources or support to recognize and avoid such scams effectively. The operation that Clayton conducted is one of many that highlight the seriousness of financial crime and the necessity for increased awareness and preventive measures to safeguard individuals against deceitful practices aimed at exploiting their trust. The U.S. Attorney for Massachusetts, Leah B. Foley, emphasized the importance of tackling fraud and protecting victims who have fallen prey to these deceptive practices. The crackdown on money laundering operations like Clayton’s serves as a warning to others engaged in similar activities that law enforcement agencies remain vigilant against financial crimes. Deeper Dive: News & Info About This Topic HERE Resources Michigan Man Pleads Guilty to Wire Fraud in Rhode Island Scheme New York Man Charged with $8 Million Money Laundering Scheme Major Medicare Fraud Scheme Uncovered Rhode Island Man Guilty of Laundering Over $35 Million Additional Resources Providence Journal: RI man, 75, gets 4 years in prison for laundering $35 million Patch: Cranston businessman sentenced to 4 years for money laundering conspiracy Boston.com: 7 Chinese nationals charged in alleged multi-million dollar money laundering and trafficking operation GoLocalProv: RI virtual CEO pleads guilty in Boston to laundering $35 million Encyclopedia Britannica: Money Laundering
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
