( September 30, 2022, 14:23 GMT | Official Statement) -- MLex Summary: The US Securities and Exchange Commission has charged Justin Costello with using a false persona as a Harvard-educated military veteran and hedge fund billionaire building a cannabis business to defraud investors out of millions of dollars. The SEC also charged Costello and David Ferraro, an associate of Costello’s, with several stock promotion schemes that inflated prices of stocks that Costello and Ferraro eventually sold. In a parallel criminal case, the Justice Department has charged Costello with defrauding marijuana business owners, private investors and investors who purchased stock over-the-counter. According to the DOJ, Costello provided fraudulent banking services to three marijuana businesses that led to the loss of approximately $3.7 million and used investor funds to pay for personal expenses, such as his wedding.See statements and documents below....
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