Former Rhode Island Man Indicted in Alleged Fraudulent Investment Scheme

PROVIDENCE, RI - A former Rhode Island resident who held himself out to be a "Master Software Architect" and "Data Scientist" while allegedly orchestrating fraudulent investment schemes has been indicted by a federal grand jury in Providence on seven counts of wire fraud and three counts of money laundering, announced United States Attorney Zachary A. Cunha.

The indictment alleges that Jack A. Ranallo, aka Giacomo A. Siciliano, 69, most recently of Manorville, NY, held himself out to potential investors as a software developer and businessman. He falsely claimed to would-be investors in Rhode Island that he was in the process of developing software programs, such as iGuardian360, a purported cyber security program, and Intelligrid, a program designed to divert electricity between power stations to avoid an outage. Additionally, he falsely claimed to own a company, iGuardian Angel, which held copyrights on his cybersecurity software, when in fact no such company or copyrights existed.

It is further alleged that Ranallo falsely claimed to investors to be in the process of developing yet another company, 1013 Products Group, to acquire and resell liquidated products.

The indictment alleges that, to bolster his credibility with potential investors, Ranallo created bogus text messages and simulated incoming calls from well-known entrepreneurs, such as the founders of Apple, Oracle Corporation, Amazon, Microsoft, and the hedge fund Appaloosa Management. To reinforce the impression that some of these corporations had interests in his businesses, Ranallo allegedly purchased bank checks made out to some of these companies, and to the "Register of Copyrights," which he showed to an investor. After allegedly showing the investor the checks, Ranallo deposited them into his personal bank account, along with monies he collected from would-be investors. He allegedly used the funds to purchase a condominium, vehicles, and to pay personal expenses.

A federal indictment is merely an accusation. A defendant is presumed innocent unless and until proven guilty.

The case is being prosecuted by Assistant United States Attorney Sandra R. Hebert.

The matter was investigated by the United States Postal Inspection Service and the Rhode Island State Police Financial Crimes Unit, with the assistance of the Suffolk County, NY, Police Department.

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