A dual citizen of the United States and the Philippines, Ricardo Fontanilla, was charged with wire fraud in federal court in Boston after allegedly stealing more than $6.6 million from his employer over a ten-year period, according to a May 5 statement.
Fontanilla, 66, of Fairfax, Virginia, was arrested at his home on May 3 and appeared initially in federal court in Arlington, Virginia. He is expected to appear later in federal court in Boston. The charge stems from Fontanilla’s employment as a Security Administration Services employee at a global financial services company headquartered in Massachusetts between 2013 and December 2025.
According to the complaint, Fontanilla used his access to the company’s financial systems—responsible for tracking mortgage payments connected with residential mortgage-backed securities—to alter records and make it appear that excess payments were received from mortgage servicing companies. Beginning as early as 2016, he allegedly transferred these supposed excess funds back to one servicer (Company A), then falsely informed Company A that refunds had been made by mistake. He then directed Company A representatives to return those funds by wiring them into an account he controlled at Wells Fargo.
Records show that more than $6.6 million was wired into Fontanilla’s account between 2016 and 2025. The government alleges he used this money for personal expenses including over $3.2 million toward credit card payments; $778,000 for mortgages and loans; more than $200,000 withdrawn as cash or equivalents; over $70,000 spent at Cartier locations internationally; and approximately $77,000 on a vehicle—significantly exceeding his annual salary of about $83,000.
The wire fraud charge carries potential penalties of up to twenty years imprisonment plus supervised release and fines or forfeiture determined by statutory guidelines.
United States Attorney Leah B. Foley announced the charges along with Ted Docks of the Federal Bureau of Investigation’s Boston Field Office and Brian Tucker from the Board of Governors of the Federal Reserve System’s Office of Inspector General. Assistant U.S. Attorney Seth B. Kosto is prosecuting the case.
“The details contained in the charging document are allegations,” said Foley. “The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.” On April 7 this year, “the Department of Justice announced the creation of the National Fraud Enforcement Division,” which aims “to zealously investigate and prosecute those who steal or fraudulently misuse taxpayer dollars.” According to Foley: “Department of Justice efforts to combat fraud support President Trump’s Task Force to Eliminate Fraud…to eliminate fraud, waste and abuse within Federal benefit programs.”
The U.S. Attorney for the District of Massachusetts handles prosecutions for federal crimes—including national security threats—and civil litigation across offices statewide while advancing community initiatives such as civil rights enforcement according to the official website.