75-year-old fraudster Craig Clayton faces up to 20 years in prison after pleading guilty to laundering a staggering $35 million from romance scams that targeted the elderly and vulnerable across America.
Key Takeaways
- Cranston, Rhode Island resident Craig Clayton has pleaded guilty to laundering $35 million obtained through internet romance scams and elderly fraud schemes.
- Clayton operated a “virtual CFO” business called Rochart Consulting from 2019 to 2021, creating shell companies and fraudulent bank accounts to process victim funds.
- One shell company alone, Providence Sanitizer, laundered at least $16.8 million from victims who were deceived by fake romantic interests.
- Clayton faces up to 20 years in prison and potential fines of $500,000 or more, with sentencing scheduled for August 13, 2025.
- He attempted to evade law enforcement by recommending encrypted communications to his co-conspirators, leading to additional obstruction of justice charges.
Elderly Banker Orchestrated Massive Fraud Operation
Craig Clayton, a 75-year-old man from Cranston, Rhode Island, has admitted to orchestrating a sophisticated money laundering operation that victimized countless Americans. From 2019 through 2021, Clayton operated as a self-described “virtual CFO” through his business, Rochart Consulting, creating an elaborate network of shell companies and fraudulent bank accounts that processed millions in illicit funds. These accounts served as the receiving end for romance scams targeting vulnerable individuals, particularly the elderly, who were tricked into sending money to people they believed were potential romantic partners.
Clayton’s operation was extensive and calculated. He established numerous shell companies and opened fraudulent business bank accounts across Rhode Island and Massachusetts, deliberately creating a complex web of transactions to obscure the source and destination of funds. Victims were directed to send money to these fraudulent accounts, after which Clayton would quickly transfer the funds overseas to countries including China and Switzerland. The scam represented a direct attack on trusting Americans, many of whom lost their life savings to Clayton’s criminal enterprise.
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
Multi-Million Dollar Shell Company Operations
The scope of Clayton’s operation is staggering. One shell company alone, Providence Sanitizer, was responsible for laundering at least $16.8 million in fraudulently obtained funds. According to court documents, Clayton established multiple front businesses with the sole purpose of moving money offshore for his foreign clients. The money came from victims who had been deceived through elaborate romance scams, where perpetrators would build online relationships with victims before convincing them to send large sums of money for fabricated emergencies or investment opportunities.
“tapped,” stated prosecutors from the U.S. Attorney’s Office, describing how Clayton’s operation systematically extracted money from unsuspecting victims across the country.
Clayton has pleaded guilty to one count of money laundering conspiracy and one count of obstruction of justice. The obstruction charge stems from his deliberate efforts to evade detection by law enforcement. Court records show that Clayton advised his co-conspirators to use encrypted communication platforms like Signal to avoid surveillance. His arrest in February 2023 came after an extensive investigation into his financial activities, revealing the full extent of his criminal enterprise that had victimized countless Americans.
Harsh Penalties Await Senior Fraudster
Clayton’s guilty plea now exposes him to severe legal consequences for his role in these elaborate schemes. He faces up to 20 years in federal prison for each count, along with potential fines of up to $500,000 or twice the value of the property involved in the transactions. The court has scheduled his sentencing for August 13, 2025, where he will finally face justice for orchestrating one of the largest money laundering operations related to romance scams in Rhode Island history.
“Distract the police,” prosecutors noted, was Clayton’s explicit intent when he recommended encrypted communications to his co-conspirators, showing a calculated effort to obstruct justice.
Clayton’s case highlights the growing threat of sophisticated financial crimes targeting vulnerable Americans. His operation demonstrates how criminals are increasingly using legitimate-appearing business structures to facilitate international money laundering. While President Trump’s administration has prioritized fighting financial crimes against Americans, cases like Clayton’s reveal the ongoing need for vigilance against these schemes. The Justice Department continues to pursue these cases aggressively, ensuring that those who prey on vulnerable Americans face the full consequences of their actions.
