Jack A. Ranallo, 69, previously of Rhode Island and now a resident of Manorville, NY, has been indicted by a federal grand jury on charges of wire fraud and money laundering. Ranallo allegedly posed as a software developer and businessman to attract investments for non-existent companies and products, as announced by U.S. Attorney Zachary A. Cunha.
Using the alias Giacomo A. Siciliano, Ranallo purportedly misrepresented himself as the developer behind software products like iGuardian360, a cybersecurity program, and Intelligrid, an energy management tool. He claimed to own a company, iGuardian Angel, supposedly holding software copyrights, and further claimed to be the founder of 1013 Products Group, allegedly a liquidated goods reseller.
To deceive investors, Ranallo is accused of fabricating text messages, simulating calls from top entrepreneurs associated with Apple, Amazon, Microsoft, Oracle, and Appaloosa Management. He allegedly even purchased bank checks addressed to these companies and the “Register of Copyrights” to lend credibility to his fraudulent scheme. Instead of investing the funds, Ranallo reportedly used them for personal expenses, including the purchase of a condominium and several vehicles.
The case was investigated by the U.S. Postal Inspection Service, Rhode Island State Police Financial Crimes Unit, and Suffolk County Police Department. Prosecutor Sandra R. Hebert is handling the case.