From West Haven Storefront, New Haven Man, 56, Operated Illegal Money Exchange: US Attorney

NEW HAVEN, CT — William McNeilly, 56, of New Haven, pleaded guilty today in New Haven federal court to charges related to his operation of an unlicensed money transmitting business, according to the Justice Department.

David X. Sullivan, U.S. Attorney for Connecticut, said that, according to court documents and statements made in court, McNeilly owned and operated Global Income Marketplace LLC from a storefront in West Haven. According to its Connecticut state registration, GIM was engaged in “website builders programming tech computer repairs and upgrades.”

McNeilly and another individual also operated Global NuMedia LLC, registered in Delaware, Sullivan said. McNeilly, who never obtained a license from the state Department of Banking to engage in the business of money transmission, opened up several bank accounts in the names of GIM and GNM, Sullivan said. He also opened a cryptocurrency exchange account in the name of GNM, and used the accounts to operate a business through which he exchanged customers’ cash, checks, and money orders for cryptocurrency, charging a fee for the service, according to the U.S. Attorney

Sullivan said that between approximately July 2019 and June 2022, McNeilly exchanged more than $1 million in U.S. currency for cryptocurrency on behalf of customers throughout the U.S. McNeilly knew that some of the funds involved in his illegal business were derived from fraud schemes. And, Sullivan said, the investigation revealed that cashier's checks from victims of romance fraud schemes were mailed to GIM and deposited into GIM accounts.

In February 2021, McNeilly was contacted by TD Bank and was he told that a $10,000 wire transfer to GNM had been reported as fraudulent, and that he needed a license to operate a money transmission business, Sullivan said.

"Despite the warning, and that TD Bank closed the GIM and GNM accounts, McNeilly continued to operate his money transmission business through other GIM and GNM bank accounts," Sullivan was quoted as saying in a Justice news release.

McNeilly pleaded guilty to one count of operating an unlicensed money transmitting business, which carries a maximum of five years in prison, and three counts of making illegal money transactions, which carries a maximum of 10 years on each count.

McNeilly was arrested on June 6, 2024. He is released on a $50,000 bond pending sentencing, set for Oct. 20.

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