Home Industries Law Former R.I. resident indicted for fraudulent investment schemes

Former R.I. resident indicted for fraudulent investment schemes

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PBN Staff

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10/24/2024

p2eAEw4o-9EcP8RiM-PVMYynWF-gceDU78f-svXubYP8-courthouse-1-1 — A FORMER RHODE Island resident has been federally indicted on seven counts of wire fraud and three counts of money laundering for allegedly orchestrating business schemes, U.S. Attorney for Rhode Island Zachary A. Cunha announced Thursday. / COURTESY U.S. DISTRICT COURT

PROVIDENCE – A former Rhode Island resident has been federally indicted on seven counts of wire fraud and three counts of money laundering for allegedly orchestrating business schemes, U.S. Attorney for Rhode Island Zachary A. Cunha announced Thursday. Jack A. Ranallo, aka Giacomo A. Siciliano, 69, most recently of Manorville, N.Y., who claimed to be

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PROVIDENCE – A former Rhode Island resident has been federally indicted on seven counts of wire fraud and three counts of money laundering for allegedly orchestrating business schemes, U.S. Attorney for Rhode Island Zachary A. Cunha announced Thursday. Jack A. Ranallo, aka Giacomo A. Siciliano, 69, most recently of Manorville, N.Y., who claimed to be a “Master Software Architect” and “Data Scientist,” held himself out to potential investors as a software developer and businessman. According to court documents, Ranallo falsely claimed to would-be investors in Rhode Island that he was in the process of developing software programs, such as iGuardian360, a purported cybersecurity program, and Intelligrid, a program designed to divert electricity between power stations to avoid an outage. He also falsely claimed to own a company, iGuardian Angel, which held copyrights on his cybersecurity software, when in fact no such company or copyrights existed. According to the indictment, Ranallo created bogus text messages and simulated incoming calls from well-known entrepreneurs, such as the founders of Apple, Oracle Corp., Amazon, Microsoft, and the hedge fund Appaloosa Management to bolster his credibility with potential investors. Ranallo allegedly purchased bank checks made out to some of these companies, and to the “Register of Copyrights,” which he showed to an investor to reinforce the impression that some of these corporations had interests in his businesses.

After allegedly showing the investor the checks, Ranallo deposited them into his personal bank account, along with money he collected from would-be investors. He allegedly used the funds to purchase a condominium, vehicles and to pay personal expenses.

Ranallo is also accused of falsely claiming to investors to be in the process of developing yet another company, 1013 Products Group, to acquire and resell liquidated products. The case is being prosecuted by Assistant United States Attorney Sandra R. Hebert.