Elderly CFO launders $35 million from romance scam victims, faces 20 years in prison after deliberately deceiving elderly and vulnerable Americans.
Key Takeaways
- 75-year-old Craig Clayton from Rhode Island has pleaded guilty to laundering $35 million from romance and elderly fraud schemes
- Clayton created fake businesses and bank accounts across multiple states to funnel victim money overseas to China, Switzerland, and other countries
- His “virtual CFO” business, Rochart Consulting, served as a front for the extensive money laundering operation
- Clayton faces up to 20 years in prison and potential fines of $500,000 or more at his August 2025 sentencing
- He actively obstructed justice by encouraging conspirators to use encrypted communications to evade law enforcement
Elderly “Virtual CFO” Pleads Guilty to Massive Money Laundering Scheme
Craig Clayton, a 75-year-old from Cranston, Rhode Island, has admitted to operating a sophisticated money laundering operation that processed $35 million in fraudulent funds. Clayton ran his scheme through a self-described “virtual CFO” business called Rochart Consulting from 2019 to 2021. His operation specifically targeted funds stolen from victims of internet romance scams and elderly fraud schemes, making his crimes particularly reprehensible. The elderly con man now faces decades behind bars after pleading guilty to one count of money laundering conspiracy and one count of obstruction of justice.
“Clayton admitted that he and other conspirators knowingly laundered proceeds of internet romance and elderly fraud schemes by moving the funds through fake domestic businesses to foreign accounts, including in China and Switzerland – with the intent to distract the police,” according to the U.S. Attorney’s Office.
Elaborate Shell Company Network Used to Move Millions
At the center of Clayton’s operation was an intricate web of shell companies and fraudulent business accounts spanning multiple states. He established fake businesses across Rhode Island and Massachusetts, complete with bank accounts designed to receive money from scam victims. One particularly lucrative front company, named Providence Sanitizer, was responsible for laundering at least $16.8 million in fraudulent proceeds. This sophisticated infrastructure allowed Clayton to move enormous sums with minimal scrutiny, demonstrating the calculated nature of his criminal enterprise.
The U.S. Attorney warned that phone lines can be tapped, phone lines drop at the worst time, and voice can be distorted in a way that makes it difficult to make out what you are saying.” This statement highlighted Clayton’s deliberate attempts to avoid detection and obstruct justice.
The victims of these schemes were often vulnerable individuals who had been convinced they were sending money to romantic interests they had met online or elderly people who had been specifically targeted by international fraudsters. Clayton’s business model exploited these vulnerable victims, functioning as the critical link that allowed foreign scammers to access their ill-gotten gains. After receiving funds in domestic accounts, Clayton methodically transferred the money overseas to countries including China and Switzerland.
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
Deliberate Obstruction of Justice
Clayton didn’t merely facilitate financial crimes – he actively worked to prevent law enforcement from discovering his operation. Court documents reveal that Clayton encouraged his co-conspirators to use encrypted communications specifically to evade detection. He suggested using the Signal messaging app for secure communications, knowing that traditional phone lines could be monitored by authorities. This deliberate attempt to obstruct justice formed the basis for the second charge to which Clayton has now pleaded guilty.
Prosecutors revealed Clayton explicitly suggested using encrypted communications to “distract the police” from their activities. His arrest in February 2023 finally brought an end to the operation, but not before millions had been stolen from unsuspecting victims across America. The severity of Clayton’s crimes is reflected in the potential penalties he now faces, including up to 20 years in federal prison and fines that could exceed $500,000.
Clayton’s August 13, 2025, sentencing will likely bring closure to what represents one of the largest money laundering schemes targeting romance scam victims in recent years. His guilty plea spares victims the trauma of a trial but also confirms the sophisticated nature of modern financial crimes that continue to plague elderly and vulnerable Americans seeking companionship online. The case serves as a stark reminder that international scam operations rely on domestic accomplices like Clayton to succeed.
