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Tag: US Securities and Exchange Commission
$1.5M Cosmetics Company Scam Sends Englewood Swindler To Federal Prison For 2½ Years
A former Englewood resident must serve nearly 2½ years in federal prison for scamming three investors out of $1.5 million.
Matthew Benjamin, 54, used the victims' money for car and house rental payments, food, international travel, legal fees, technology equipment and summer camp tuition for family members, among other purposes, U.S. Attorney for New Jersey Philip R. Sellinger said.
Benjamin, currently of New York, told the victims that his purported company, Clear Solutions Group, had lucrative contracts to purchase closeout or excess cosmetic inventory from one company that he planned to …
Hudson Valley Entrepreneur Admits To Defrauding Investors Of Nearly $1,000,000
An entrepreneur from the area has admitted to defrauding investors of nearly $1 million.
Joseph Cimino, the founder of a tequila brand based in the Hudson Valley, pleaded guilty on Monday, Nov. 15 to securities and wire fraud charges.
As part of the plea, the 57-year-old Cimino, a resident of Warwick in Orange County, admitted fraudulently soliciting investments for his company.
“As he admitted in court today, Joseph Cimino lied about his tequila business’s finances to lure investors and then diverted investor funds in order to line his own pockets," Damian Williams, the US Attor…
Morristown Adviser In Investment Scams Fined $750,000, Loses Registration
A Morristown investment adviser was fined $750,000 and had his registration pulled for selling more than $12 million of unregistered securities in New Jersey, some of which were tied to Ponzi schemes and other scams, state authorities said Tuesday.
Gary Scheer, managing member and sole investment adviser representative of Retirement Financial Advisors, LLC in Morristown, recommended and sold unregistered securities to at least 50 investors from 2010 through 2018, state Attorney General Gurbir S. Grewal said.
He made more than $600,000 in commissions on the sales, which involved franchises, …
Feds: Bergen-Based Debt Reliever From Wayne Scams Victims Out Of $5 Million
The founder of a Saddle Brook lending company promised to help desperate, low-income customers pay off crushing loans, then pushed them even further into debt, pocketing more than $5 million, said federal authorities who arrested him.
Edward Espinal, 44, of Wayne advertised his Cash Flow company on YouTube, other social media and Spanish-language TV, sometimes using the Venezuelan telenovela actor Víctor Cámara, U.S. Attorney Craig Carpenito said.
Espinal, who was the company’s founder and CEO, ran a couple of scams beginning 3½ years ago and ending with his arrest by federal agents earlie…
Greenwich Lawyer Paid India Government $2M Bribe For New Cognizant Office Complex, Feds Charge
A Greenwich lawyer conspired to pay government officials in India a $2 million bribe to pave the way for an office complex there when he was the chief legal officer of Cognizant Technology Solutions Corp, a federal indictment charges.
Steven Schwartz, 51, and former Cognizant president Gordon Coburn, 55, of Beaver Creek, Colorado, approved the payoff to secure the necessary permits for construction, U.S. Attorney for New Jersey Craig Carpenito said Friday.
To cover up the scheme, the pair and others “agreed that a third-party construction company would obtain the permit by making the illega…
Ex-Teaneck Tech Execs Paid India Government $2M Bribe For New Office Complex, Feds Charge
The former president and former chief legal officers of Cognizant Technology Solutions Corp in Teaneck paid government officials in India a $2 million bribe to pave the way for an office complex that would have supported thousands of employees and been of the company’s largest facilities there, a federal indictment charges.
Steven Schwartz, 51, of Greenwich, Connecticut, and Gordon Coburn, 55, of Beaver Creek, Colorado, approved the payoff to secure the necessary permits for construction, U.S. Attorney Craig Carpenito said Friday.,
To cover up the scheme, the pair and others “agreed that a …
