The owner of a "virtual CFO" business in Rhode Island has admitted to laundering tens of millions of dollars through fraudulent means. Craig Clayton, 75, from Cranston, R.I., pleaded guilty in federal court in Boston to charges of money laundering conspiracy and obstruction of justice. His sentencing is scheduled for August 13, 2025.
Clayton was arrested in February 2023 after being charged by criminal complaint. Between 2019 and 2021, he used his accounting firm, Rochart Consulting, as a front to launder over $35 million derived from internet fraud schemes. He established shell companies to open business bank accounts in Rhode Island and Massachusetts for this purpose.
In communications with co-conspirators at Rochart Consulting, Clayton acknowledged their roles as "money mules" which could lead to charges against them. He expressed concerns about law enforcement surveillance and sought ways to mislead investigators. He also suggested moving their electronic communications to Signal due to concerns that WhatsApp could be monitored.
As investigations into Rochart began, Clayton falsely claimed that his shell companies were legitimate businesses. During an undercover operation with a law enforcement agent posing as a client, Clayton stated that Rochart did not work with anyone connected to law enforcement. Once aware of a federal grand jury investigation against him, he attempted to obstruct it by making false statements during an interview with federal agents.
The charge of conspiracy to commit money laundering carries a potential sentence of up to 20 years in prison along with fines and supervised release terms. The obstruction charge also allows for up to 20 years imprisonment and additional penalties.
The announcement was made by United States Attorney Leah B. Foley alongside officials from Homeland Security Investigations, the Internal Revenue Service Criminal Investigation Boston Field Office, and U.S. Customs and Border Protection's Boston Field Office. The case is being prosecuted by Assistant United States Attorneys Ian J. Stearns, Kaitlin R. O’Donnell, and Alexandra Amrhein.
