Stefano Zanetti, a 44-year-old Canadian, received a 15-and-a-half-year prison sentence last week for orchestrating a multimillion-dollar grandparent scam that targeted vulnerable seniors in the United States. Court documents reveal he financed a luxurious beachfront existence in Panama, complete with a Porsche, boats, jet skis, and cocaine purchases using stolen funds.
The Facade of Success
Zanetti operated Luxury Water Sports, a thriving jet ski rental business in Buenaventura, a popular resort area on Panama’s Pacific coast. Social media showcased him piloting jet skis with customers and enjoying beachside relaxation under palm trees. He shared images of himself driving a Porsche with subordinates tasked with collecting scam proceeds across the U.S.
International Fraud Network
Documents from Zanetti’s case and those of his associates detail a coordinated scheme linking scammers in Montreal call centers with teams posing as bail bondsmen. These crews of three rented cars and hotel rooms in American cities to retrieve thousands from deceived elderly victims. Zanetti served as the key intermediary.
Jeffrey R. Bengel, assistant U.S. attorney, described Zanetti in a sentencing memorandum as “the lynchpin in an international conspiracy designed to systematically steal money from elderly victims.” Bengel noted, “Zanetti lived large on the proceeds of his crimes for years — enjoying beachfront property, driving a Porsche, owning boats and jet skis, and buying cocaine.”
Persistent Operations Despite Arrests
Even after bail bondsmen faced arrests—occurring 10 times during Zanetti’s oversight—he pressed on, believing his Panama base shielded him from U.S. authorities. One associate, Roderick Feurtado, who posed as a globetrotting cryptocurrency tycoon, was caught in Pittsburgh with over $200,000 in cash from three days of collections. Bengel wrote of Feurtado, “In reality, he is a fraudster who travelled to Pittsburgh to steal money from the elderly.”
Feurtado drew a 146-month sentence in 2024, exceeding prosecutors’ recommendation, despite his proposal for a “Grandpa Protection Program” to prevent such scams.
Timeline and Conviction
Evidence links Zanetti to grandparent scams since at least 2019, including stints as a “closer” in Montreal call centers. Convicted for activities starting in September 2021, he was arrested, extradited to the U.S., and later claimed contacts in Canada offered $2 million for his silence. In his sentencing submission, Zanetti expressed remorse and sought a 10-year term, supported by a letter from his son highlighting his integrity.
However, Bengel emphasized Zanetti’s awareness of victims’ fragility: “The victims in this case lost hard-earned money, which they planned to rely on in retirement or gift to their grandchildren, so that Zanetti could party, ride jet skis, live near the ocean, and drive a sports car.” Judge Nicholas Ranjan imposed the maximum 188-month sentence under guidelines, plus over $700,000 in restitution.
The scam inflicted severe impacts, leaving many seniors financially ruined and emotionally vulnerable in their later years.
