PROVIDENCE, R.I. (WPRI) — A former Rhode Island resident is facing charges of wire fraud and money laundering for allegedly posing as a software developer and businessman to defraud investors, U.S. Attorney Zachary A. Cunha announced .
Jack A. Ranallo, 69, who also went by the alias “Giacomo A. Siciliano,” is accused of falsely claiming to be the owner of several companies and presenting himself as a “Master Software Architect” and “Data Scientist.”
From February 2018 to November 2022, Ranallo allegedly orchestrated a scheme to steal funds from Rhode Island investors by claiming he was developing software, including a cybersecurity program called iGuardian360 and Intelligrid, which he said could divert electricity between power stations to prevent outages. He also falsely claimed to own a company named iGuardian Angel, which he said held copyrights for his cybersecurity software.
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The indictment further alleges that Ranallo fabricated another company, 1013 Products Group, which he claimed would acquire and resell liquidated products.