Rhode Island Virtual CFO Pleads Guilty to Laundering $35 Million in Online Fraud Schemes

A 75-year-old man from Rhode Island has pleaded guilty to laundering more than $35 million from internet fraud schemes through fake companies and bank accounts.

Craig Clayton, owner of the “virtual CFO” business Rochart Consulting, admitted in federal court in Boston that he helped move money for scammers from 2019 to 2021. He pleaded guilty to charges of money laundering conspiracy and obstruction of justice.

Clayton used his Cranston-based business as a cover to set up shell companies and open fake business bank accounts in Rhode Island and Massachusetts. These accounts were used to hide and move the proceeds of online scams for clients based overseas.

Authorities said Clayton knew what he was doing was illegal. In messages to a partner, he admitted they were “money mules” and could face charges. He also used encrypted apps to avoid law enforcement and even tried to dig up information on a victim who reported the fraud to distract investigators.

When law enforcement started investigating, Clayton lied to banks and agents, claiming his companies were legitimate. He also made false statements to federal agents and tried to cover his tracks.

Clayton was arrested in February 2023. He is scheduled to be sentenced on August 13, 2025. Each charge carries a maximum penalty of up to 20 years in prison and hefty fines.

The case was led by the U.S. Attorney’s Office in Massachusetts with help from Homeland Security, the IRS Criminal Investigation unit, U.S. Customs and Border Protection, and the U.S. Postal Inspection Service.

Assistant U.S. Attorneys Ian J. Stearns, Kaitlin R. O’Donnell, and Alexandra Amrhein are handling the prosecution.