Former Rhode Island resident charged with alleged investment fraud

A federal grand jury has indicted a former Rhode Island man on charges that he fraudulently represented himself as a programmer and businessman to attract investment in nonexistent companies and products. Jack A. Ranallo, 69, most recently of Manorville, New York, faces seven counts of wire fraud and three counts of money laundering, according to a statement from United States Attorney Zachary A. Cunha.

The indictment alleged that Ranallo, using the pseudonym Giacomo A. Siciliano, falsely claimed to create software, including a cybersecurity program called iGuardian360 and an energy management program called Intelligrid. He also claimed to be the owner of iGuardian Angel, which allegedly owned the copyright to the software. Additionally, Ranallo is accused of falsely representing himself as the founder of 1013 Products Group, a company allegedly engaged in the acquisition and resale of liquidated products.

To convince investors, Ranallo allegedly fabricated text messages and simulated incoming calls from prominent entrepreneurs, including individuals associated with Apple, Oracle Corporation, Amazon, Microsoft and Appaloosa Management. He also reportedly acquired bank checks drawn on these companies and the “Copyright Register” to further defraud. The funds he raised from investors, along with the deposited checks, were used for personal expenses, including the purchase of a home and the purchase of vehicles.

The case was investigated by the United States Postal Inspection Service and the Rhode Island State Police Financial Crimes Unit, with assistance from the Suffolk County, New York Police Department. The case is being prosecuted by Assistant United States Attorney Sandra R. Hebert.

Generative artificial intelligence (AI) assisted What’sUpNewp’s reporting in this story.