By Ivan Moreno (November 15, 2021, 6:34 PM EST) — A New York man who swindled almost $1 million from investors by lying about the finances of his startup tequila company pled guilty Friday to one count each of securities and wire fraud.
Joseph Cimino, 57, entered his plea before U.S. District Judge Vincent Briccettti in Manhattan, where he is scheduled to be sentenced Feb. 18.
Prosecutors charged Cimino in February 2021, saying he convinced investors to back his new tequila company in Warwick, New York, by lying about how well his business was doing and fabricating the number of investors he had. With his misrepresentations, Cimino managed to raise nearly…
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