William McNeilly, Unlicensed Money Transmitter, Connecticut 2024

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New Haven Man Pleads Guilty to Operating Unlicensed Money Transmitter

A New Haven man has admitted to running an unlicensed money transmitting business, according to court documents. William McNeilly, 56, pleaded guilty to one count of operating an unlicensed money transmitting business and three counts of making illegal money transactions.

Between July 2019 and June 2022, McNeilly exchanged over $1 million in U.S. currency for cryptocurrency on behalf of customers throughout the U.S. He operated his business through Global Income Marketplace LLC (GIM) and Global NuMedia LLC (GNM), registered in Connecticut and Delaware, respectively.

McNeilly knew that some of the funds involved in his business were derived from fraud schemes, including romance scams. An investigation revealed that cashiers checks from victims of these scams were mailed to GIM and deposited into GIM accounts.

In February 2021, McNeilly was contacted by TD Bank, which reported a $10,000 wire transfer to GNM as fraudulent. Despite this warning, McNeilly continued to operate his business through other accounts.

McNeilly was arrested on June 6, 2024, and has been released on a $50,000 bond pending sentencing. He is scheduled to be sentenced on October 20.

The case is being investigated by the U.S. Postal Inspection Service and prosecuted by Assistant U.S. Attorney Heather L. Cherry.

McNeilly’s plea agreement carries a maximum term of imprisonment of five years for operating an unlicensed money transmitting business and 10 years for each of the three counts of making illegal money transactions.

In total, McNeilly’s crimes could result in up to 35 years in prison. He will be sentenced on October 20, 2024.