NEW HAVEN, Conn. (WTNH) — A New Haven man pleaded guilty on Monday to operating an unlicensed money transferring business, including using funds he knew were initially obtained from scams.

According to evidence and testimony, 56-year-old William McNeilly owned and operated Global Income Marketplace LLC (GIM) out of a storefront in West Haven. GIM was engaged in “website builders programming tech computer repairs and upgrades,” according to its Connecticut state registration.

McNeilly, along with another individual, also operated Global NuMedia LLC (GNM), which was registered in Delaware.

McNeilly opened up several bank accounts in the names of GIM and GNM, as well as a cryptocurrency exchange in the name of GNM. He did this despite never obtaining a license from the Connecticut Department of Banking for the purposes of engaging in money transmission.

Between a nearly three-year span from about July 2019-June 2022, McNeilly used his businesses to convert over $1 million in U.S. currency into cryptocurrency for customers throughout the U.S.

McNeilly was aware that some of the funds involved had been derived via fraud schemes, including cashiers checks which were deposited in GIM accounts that were the result of romance schemes.

In February 2021, TD Bank contacted McNeilly and told him that a $10,000 wire transfer to GNM was reported as fraudulent, and that he also needed a license to operate a money transmission business. Even though TD Bank closed the GIM and GNM accounts, McNeilly maintained operation of the money transmission business with other GIM and GNM accounts.

McNeilly, who was arrested on June 6, 2024, pleaded guilty to one count of operating an unlicensed money transmitting business, which carries a maximum term of five years in prison, and three counts of making illegal money transactions, which carries a maximum term of 10 years in prison for each count.

McNeilly was released on a $50,000 bond and sentencing is scheduled for Oct. 20.