Financial Fraud: WILLIAM COSME Guilty in Connection With a Scheme to Defraud a Christian Missionary School

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WILLIAM COSME Guilty in Connection With a Scheme to Defraud a Christian Missionary School

<h2>Long Island Man Found Guilty Of Defrauding South Korean School Of Over &dollar;5 Million<&sol;h2>&NewLine;<p>Joon H&period; Kim&comma; the Acting United States Attorney for the Southern District of New York&comma; announced that WILLIAM COSME&comma; a&sol;k&sol;a &OpenCurlyDoubleQuote;William Cosmo&comma;” was found guilty today in Manhattan federal court in connection with a scheme to defraud a Christian missionary school in South Korea of &dollar;5&period;5 million dollars&period; The jury convicted COSME on both counts with which he was charged following a one-week trial before U&period;S&period; District Judge Loretta A&period; Preska&period;<&sol;p>&NewLine;<p>Acting Manhattan U&period;S&period; Attorney Joon H&period; Kim said&colon; &OpenCurlyDoubleQuote;As a unanimous jury swiftly concluded after trial&comma; William Cosme duped and defrauded a South Korean international school out of &dollar;5&period;5 million&comma; money the school needed to carry out its mission of educating children&period; Cosme then took this stolen money and spent it lavishly on himself&comma; including on a Lamborghini&comma; a Ferrari&comma; and a Cadillac Escalade&comma; not to mention a 110-day gambling spree in Las Vegas&period; Cosme now faces time in a federal prison for his brazen crimes&period;”<&sol;p>&NewLine;<p>According to the Indictment&comma; other filings in Manhattan federal court&comma; and evidence admitted at trial&colon;<&sol;p>&NewLine;<p>COSME purported to operate a &OpenCurlyDoubleQuote;Privately Held&comma; Global&comma; Private Equity family practice with a concentration on it’s &lbrack;sic&rsqb; own Family’s Private Wealth Management&comma; Commercial &lbrack;real estate&rsqb;&comma; physical gold trade and Business Consulting&period;” COSME further claimed that the entity through which he did business &OpenCurlyDoubleQuote;manage&lbrack;d&rsqb; family assets with a Net Asset Value in excess of USD &dollar;11b on a global basis” and that his clientele included royalty and the families of royalty&period; None of those claims was true&period;<&sol;p>&NewLine;<p>In about January 2011&comma; COSME&comma; acting through his company Cosmo Dabi International Trading Group Inc&period; &lpar;&OpenCurlyDoubleQuote;Cosmo Dabi”&rpar;&comma; entered into an agreement with a Christian missionary school located in South Korea &lpar;the &OpenCurlyDoubleQuote;International School”&rpar; whereby Cosmo Dabi would lend the International School approximately &dollar;55 million and the International School would make a deposit of approximately &dollar;5&period;5 million &lpar;the &OpenCurlyDoubleQuote;Equity Deposit”&rpar;&comma; which COSME would invest in order to generate funds to <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"249">loan<&sol;a> the International School&period; The International School sought to use the proceeds of the loan to expand its operations in South Korea&period;<&sol;p>&NewLine;<p>In January 2011&comma; the International School sent by wire transfer approximately &dollar;5&period;5 million to an account maintained by COSME at a bank&period;<&sol;p>&NewLine;<p>Thereafter&comma; COSME transferred the funds that the International School had entrusted to him into other accounts&comma; including accounts in his own name rather than that of his company&period; From the other accounts&comma; COSME began a run of unauthorized personal spending&comma; including purchasing a Lamborghini costing nearly &dollar;314&comma;000 &lpar;which itself was meant to secure COSME a preferred spot on a waiting list to purchase an even more expensive Lamborghini&rpar;&semi; a Ferrari costing nearly &dollar;287&comma;000&semi; a Cadillac Escalade&semi; a sport utility vehicle for a family member of COSME’s&semi; a 110-day gambling trip to Las Vegas&semi; gaming losses while on that trip in excess of &dollar;200&comma;000&semi; paying for his girlfriend’s rent&semi; and otherwise funding a lavish lifestyle&period; All the while&comma; COSME failed to invest the &dollar;5&period;5 million as he had promised&comma; and made a series of misrepresentations to the leadership of the International School as to why they had not been issued their promised loan payments&period; COSME also devised and executed a sham audit process in order to convince the International School that they were in default of their agreement and that COSME could keep the school’s deposit for himself&period; In connection with his fraud on the International School&comma; COSME also used&comma; without authorization&comma; the identities of two individuals by falsely representing to the International School that these individuals were officers of Cosmo Dabi&period;<&sol;p>&NewLine;<hr &sol;>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>COSME&comma; 51&comma; resides in Jericho&comma; New York&period; He faces a minimum sentence of two years in prison for his conviction for aggravated identity theft&comma; and a maximum sentence of 20 years in prison for his wire fraud conviction&period; COSME also faces a maximum term of three years of supervised release and a fine of the greatest of &dollar;250&comma;000&comma; or twice the gross pecuniary gain derived from the offense or twice the gross pecuniary loss to the victim&period; COSME’s sentencing is set for June 21&comma; 2017&comma; before the Honorable Loretta A&period; Preska&period;<&sol;p>&NewLine;<p>The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only&comma; as any sentencing of the defendant will be determined by the judge&period;<&sol;p>&NewLine;<p>Mr&period; Kim praised the outstanding efforts of Federal Bureau of Investigation in the investigation&period;<&sol;p>&NewLine;<p>The case is being prosecuted by the Office’s Complex Frauds and Cybercrime Unit&period; Assistant U&period;S&period; Attorneys Noah D&period; Solowiejczyk and Martin S&period; Bell are in charge of the prosecution&period;<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;justice&period;gov&sol;usao-sdny&sol;pr&sol;long-island-man-found-guilty-defrauding-south-korean-school-over-5-million">Original PressReleases&&num;8230&semi;<&sol;a><&sol;p>&NewLine;

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