Two men have admitted in federal court that they played key roles in a large-scale scheme that helped move and hide millions of dollars stolen from victims of online scams, many of whom were elderly individuals targeted through deceptive internet relationships. Federal prosecutors say the operation helped funnel nearly $9 million obtained through fraud into a network of bank accounts and eventually into cryptocurrency wallets controlled by overseas scam operators.

The guilty pleas were announced by the U.S. Attorney’s Office for the District of Connecticut. Richard Fasanella, 56, a U.S. citizen who had been living in Venezuela, and John J. Intoci, 65, of Spring Hill, Florida, admitted their involvement in a conspiracy that received, transferred and converted funds stolen from victims through a variety of online fraud schemes. Authorities say the operation functioned as a financial pipeline that allowed scammers to collect and move large sums of money without being immediately detected.

According to investigators, the scheme operated for several years, beginning around 2018 and continuing through 2024. During that time, scammers used a range of online tactics to trick victims into sending money. One of the most common methods involved romance scams, where fraudsters create fake identities online and develop emotional relationships with victims over time. Once trust is established, the scammers convince victims to send money for fabricated emergencies, investment opportunities or travel expenses.

Prosecutors say Fasanella played a central role in the financial side of the operation. He opened numerous bank accounts both in his own name and under the names of shell companies that had no legitimate business operations. These sham companies were created solely to receive and move funds sent by victims. Fasanella also recruited associates to help expand the network of accounts used to collect the stolen money.

Among those associates was Intoci, who prosecutors say opened additional bank accounts in the names of similar sham companies controlled by Fasanella. These accounts allowed the group to receive payments from victims across the country in the form of checks, cash and money orders. In many cases, victims mailed these payments believing they were helping someone they trusted or investing in legitimate opportunities.

Authorities say nearly $9 million passed through the accounts connected to the scheme. After the funds were deposited, members of the conspiracy kept a portion of the money as payment for their roles. The remaining funds were transferred between multiple bank accounts and financial institutions in an effort to obscure their origin. Eventually, the money was converted into cryptocurrency and sent to digital wallets controlled by the scammers running the online fraud operations.

Even after banks and law enforcement warned that the money being received likely came from scam victims, investigators say Fasanella continued the operation. On multiple occasions, financial institutions flagged suspicious activity linked to his accounts. Several accounts were shut down due to suspected fraud, and authorities seized funds connected to the scheme. Despite these warnings and enforcement actions, prosecutors say he continued laundering money for scammers he had met through online connections.

Fasanella was eventually located overseas and deported from Bogotá, Colombia, to the United States to face federal charges. He has been in custody since January 26, 2024. On March 3, 2026, he pleaded guilty to conspiracy to commit money laundering and illegal monetary transactions. The charge carries a maximum possible sentence of 20 years in federal prison. His sentencing is scheduled for May 26.

Intoci also admitted his role in the conspiracy. He pleaded guilty to conspiracy to operate an unlicensed money transmitting business, a federal offense that carries a maximum sentence of five years in prison. Authorities arrested him on January 16, 2025. He is currently free on a $50,000 bond while awaiting sentencing, which is scheduled for May 29.

Federal officials say the case highlights how online scams often rely on networks of individuals who help move stolen money through the financial system. While the scammers themselves are sometimes located overseas, these money laundering networks allow them to receive and convert funds from victims within the United States.

Investigators say dismantling these financial networks is a critical part of combating online fraud, which has grown significantly in recent years and continues to cause devastating financial losses for victims across the country.

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