Story perspectives

Rhode Island Man Sentenced for Laundering $35 Million

9/20/2025

Summary

Story summary

Craig Clayton, 75, from Cranston, Rhode Island, received a four-year federal prison sentence for laundering $35 million from online scams.
From 2019 to 2021, he ran Rochart Consulting, a "virtual CFO" business, using shell companies for laundering.
Clayton pleaded guilty to money laundering conspiracy and obstruction of justice in May 2025.
He directed victims to send money to fraudulent accounts, which he funneled overseas.
Clayton must pay $40,000 in restitution and will undergo three years of supervised release after prison.

History

Historical Context

The Fraud Enforcement and Recovery Act was enacted in 2008 to strengthen the U.S. government's ability to combat financial fraud. Craig Clayton's $35 million laundering scheme underscores ongoing vulnerabilities in financial systems, particularly as the FBI reported a 300% increase in cybercrime complaints during the pandemic. This highlights the urgent need for regulatory reforms to protect consumers from sophisticated fraud schemes.

1 of 2

Story summary

Craig Clayton, 75, from Cranston, Rhode Island, received a four-year federal prison sentence for laundering $35 million from online scams.
From 2019 to 2021, he ran Rochart Consulting, a "virtual CFO" business, using shell companies for laundering.
Clayton pleaded guilty to money laundering conspiracy and obstruction of justice in May 2025.
He directed victims to send money to fraudulent accounts, which he funneled overseas.
Clayton must pay $40,000 in restitution and will undergo three years of supervised release after prison.

1 / 2