A Canadian individual recently sentenced for participating in a grandparent scam led a luxurious lifestyle on a beachfront, driving a Porsche and indulging in lavish purchases like cocaine using funds stolen from vulnerable seniors, as revealed by U.S. prosecutors involved in his prosecution.
Court documents presented during the sentencing process in the U.S. indicated that Stefano Zanetti, aged 44, apparently managed a successful water sports rental business in Panama, while simultaneously coordinating a multimillion-dollar fraudulent scheme.
According to Jeffrey R. Bengel, an assistant U.S. attorney, Zanetti played a central role in an international conspiracy aimed at systematically extracting money from elderly victims in the United States. Despite outward appearances of success, Zanetti benefited from his criminal activities for an extended period, enjoying a high-end lifestyle that included property by the beach, driving luxury cars like a Porsche, owning various watercraft, and even engaging in drug purchases.
The court filings related to Zanetti’s case, along with those of other implicated individuals, shed light on how the group orchestrated money collections from elderly victims scattered across the U.S. to benefit the scammers headquartered in Montreal. The accused individuals masqueraded as prosperous entrepreneurs throughout their illicit operations.
Comparable to Zanetti, his alleged partner Gareth West, dubbed the “kingpin” by prosecutors, portrayed himself as a wealthy real estate developer and fitness influencer while purportedly amassing millions through defrauding elderly individuals.
Operating under the guise of Luxury Water Sports, Zanetti managed a sought-after jet ski rental enterprise situated in Buenaventura, a renowned resort town along Panama’s Pacific coastline. The company garnered positive feedback from clients, with tourists frequently sharing images of themselves aboard the rental yacht on the company’s Instagram page.
Throughout these operations, Zanetti’s associates, comprising groups of three men termed as “crews,” traveled to U.S. cities, posing as “bail bondsmen” to extract money from victims ensnared in the scam. Zanetti facilitated communication between the Montreal-based scammers and the individuals collecting the illicit funds.
Despite occasional arrests of the “bail bondsmen,” Zanetti persevered, believing his location in Panama shielded him from law enforcement scrutiny. Legal proceedings revealed Zanetti’s involvement in grandparent scams dating back to at least 2019, including periods when he directly defrauded seniors from Montreal-based call centers.
The fraudulent activities yielded substantial earnings over the years, with some of Zanetti’s associates, like Roderick Feurtado, facing arrest. Feurtado, who presented himself as a wealthy individual with significant income sources, was apprehended in Pittsburgh with over $200,000 in cash obtained from victims over a brief period, underscoring the scam’s magnitude.
Despite subsequent arrests within the network, including Feurtado’s sentencing to 146 months in 2024, the criminal operations persisted. Zanetti eventually faced extradition to the U.S., where he expressed regret for his actions and received a 15-and-a-half-year prison sentence, along with a hefty restitution order.
In contrast to Zanetti’s son’s pleas for leniency, U.S. prosecutors emphasized Zanetti’s exploitation of vulnerable victims for personal gain. The presiding judge concurred with the prosecution’s arguments, imposing a severe sentence reflective of Zanetti’s culpability.
Feurtado, now engaged in writing and selling religious books on Amazon from prison, received a significant prison term despite advocating for preventative measures against elder scams.
The network’s activities persisted despite legal interventions, underscoring the prevalence and damaging effects of such fraudulent schemes on the vulnerable elderly population.
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