A Canadian man sentenced in the United States for his role in a multimillion-dollar grandparent scam used stolen funds to support an opulent lifestyle in Panama, according to U.S. court documents. Prosecutors said Stefano Zanetti lived near the beach, drove a Porsche, owned boats and jet skis, and bought cocaine while elderly victims lost savings and retirement funds.

A Canadian man sentenced to 15 and a half years in a U.S. prison for his role in a multimillion-dollar grandparent scam lived an opulent lifestyle in Panama while elderly victims were being stripped of their savings, according to court documents.

Stefano Zanetti, 44, was sentenced after prosecutors described him as a central figure in an international fraud network connected to scammers operating out of Montreal. The scheme targeted elderly victims across the United States using the familiar “grandparent scam,” in which fraudsters pretend a loved one is in legal trouble and urgently needs cash.

While victims were pressured into handing over money to fake “bail bondsmen,” prosecutors said Zanetti was living comfortably on the proceeds of the fraud. Court filings described a beachfront lifestyle involving a Porsche, boats, jet skis, parties, and cocaine.

Zanetti appeared to operate a luxury watersports business in Panama, presenting himself publicly as a successful entrepreneur. His company rented jet skis and boats in a resort town on Panama’s Pacific coast, and its social media presence showed a polished image of tourism, leisure, and success.

Prosecutors said that image hid a very different reality. Behind the scenes, Zanetti was allegedly helping co-ordinate crews of men who travelled from city to city in the United States collecting cash from elderly victims. Those collectors rented cars and hotel rooms and posed as bail bondsmen, arriving at victims’ homes after scammers convinced them that a grandchild or family member needed immediate help.

The court documents painted a sharp contrast between Zanetti’s lifestyle and the harm suffered by victims. While seniors lost money they had planned to use in retirement or pass on to family, Zanetti was allegedly using fraud proceeds to live near the ocean, drive a sports car, and maintain a luxury image.

The fraud operation continued even after some of the collectors were arrested. In one case, police in Pittsburgh found more than US$200,000 in cash believed to have been taken from victims over just three days. Prosecutors said that seizure showed the scale of the scheme and the amount of money moving through the network.

Zanetti was eventually arrested, extradited to the United States, and pleaded guilty. He requested a lower sentence, but the judge imposed a 188-month prison term, equal to 15 and a half years. He was also ordered to pay more than US$700,000 in restitution.

The case highlights the organized and cross-border nature of grandparent scams. These schemes are often presented to victims as sudden family emergencies, but investigators say they can involve sophisticated networks of callers, co-ordinators, couriers, and money handlers.

It also shows how fraud proceeds can be used to create the appearance of legitimate success. In Zanetti’s case, prosecutors said the image of a luxury business owner in Panama was funded by elderly victims who had been manipulated into handing over money under fear and pressure.

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Originally published on Canadian Fraud News.