A New Haven man has pleaded guilty to operating an illegal money-transmitting business, as part of a recent crackdown on financial crimes by the federal government.
William McNeilly, 56, admitted to running an unlicensed money-transmitting operation that handled substantial monetary transactions over several years, according to the U.S. Department of Justice.
Authorities say McNeilly never obtained a license from the Connecticut Department of Banking to engage in the business of money transmission, as required by state law.
McNeilly owned and operated Global Income Marketplace LLC from a storefront in West Haven, which purportedly provided website design and computer repair services.
McNeilly opened several bank accounts in the name of Global Income — and a second business he operated with another individual, Global NuMedia LLC, authorities said.
Through Global NuMedia, authorities say, McNeilly ran an unlicensed cryptocurrency service, in which he exchanged customers’ cash, checks and money orders for digital currency, charging a fee for the service.
Between about July 2019 and June 2022, McNeilly exchanged more than $1 million on behalf of customers throughout the United States, according to the DOJ.
During the investigation, authorities learned that McNeilly knew some of the funds he exchanged stemmed from fraud, including cashier’s checks from victims of romance schemes.
McNeilly was arrested in June 2024 and, on Monday, pleaded guilty to one count of operating an unlicensed money-transmitting business and three counts of making illegal money transactions.
Together, the offenses carry a maximum term of 35 years in prison.
McNeilly has been released in lieu of a $50,000 bond and scheduled to be sentenced on Oct. 20.