Las Vegas guy who allegedly claimed to be Harvard grad, beat veteran arrested on fraud rates

A Las Vegas male accused of falsely proclaiming to be a Harvard Enterprise College graduate and fight veteran to defraud dozens of investors out of hundreds of thousands of dollars was arrested in San Diego on Tuesday evening, the FBI declared. 

Justin Costello, 42, was indicted on 25 counts of wire fraud and securities fraud past 7 days for the many years-very long scheme, in which he allegedly orchestrated a pump-and-dump more than social media and utilised his investors' money to fork out for his personal marriage. 

"Mr. Costello allegedly instructed many tall tales to influence victims to devote tens of millions of pounds – cash he then employed for his individual benefit," Nick Brown, U.S. Attorney for the Western District of Washington, said in a assertion. 

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Starting up in 2017, Costello gives banking products and services to marijuana firms in several states in which the drug is lawful. He's accused of diverting $3.7 million from 3 of the firms he worked with between 2019 and 2021. 

Costello also allegedly triggered about 7,500 buyers to eliminate $25 million by lying about options for his enterprise to order 10 other companies. 

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He's also accused of orchestrating pump-and-dump strategies around Twitter and lying in official Securities and Exchange Fee sorts. 

"In a complicated scheme involving shell corporations, penny shares, and economic solutions for cannabis firms, Mr. Costello utilized Twitter, push releases, securities filings, and claims of excellent prosperity to paint a image of magnificent fiscal results.  In reality that picture was a mirage," Brown reported.