A Canadian man with ties to Montreal has been sentenced to 15 and a half years in a U.S. prison for his role in a grandparent scam that defrauded seniors out of millions of dollars.
U.S. prosecutors say 44-year-old Stefano Zanetti orchestrated the scheme while living a lavish beachfront lifestyle in Panama, funded by money stolen from the elderly victims.
According to court documents, Zanetti was “the lynchpin in an international conspiracy designed to systematically steal money from elderly victims in the United States,” and “lived large on the proceeds of his crimes.”
Prosecutors allege the fraud financed an extravagant lifestyle that included driving a Porsche, owning boats and jet skis, flying on private planes and purchasing cocaine.
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Authorities say the scam operated out of Montreal-based call centres that targeted seniors in Pittsburgh and elsewhere in the United States.
Victims were contacted by people posing as their grandchildren, who claimed to be in legal trouble and urgently needed money for bail.
Investigators say Zanetti organized the collection of the cash through individuals posing as bail bondsmen.
Prosecutors allege Zanetti ran the operation from an oceanfront property in Panama, where he also operated a jet ski business as a cover.
He was eventually arrested, extradited to the U.S. and charged along with 25 other Canadians.
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As part of a plea deal, Zanetti admitted to stealing as much as $3.5 million from seniors.
The U.S. Department of Justice says Zanetti knowingly targeted vulnerable victims over several years, driven by greed.
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