Swedish Company Founder Indicted for Operating $17 Million Ponzi Scheme
|U.S. Attorney’s Office January 31, 2014|
GAINESVILLE, FL—Pamela C. Marsh, the United States Attorney for the Northern District of Florida, announced today that a Gainesville grand jury returned a seven-count indictment against Samuel J. Cusumano, 64, of Orlando, Florida, charging him with wire fraud violations of Title 18, United States Code, Section 1343.
The indictment alleges that Cusumano, as the founder and chairman of the Board of Directors of the Swedish company Storehouse Credit Union Ek., promoted and disseminated materials claiming to offer its members the opportunity to obtain high-yield investments. The materials purported to provide a variety of financial benefits and services, as well as falsely represented that the accounts yielded monthly returns in excess of five percent. Through these misrepresentations, Cusumano induced investors into making more than $17 million in payments and deposits to Storehouse Credit Union Ek., through which he diverted more than $600,000 to his personal benefit.
If convicted, Cusumano faces a maximum of 20 years in prison for each count in the indictment.
This case was investigated by the Internal Revenue Service-Criminal Investigation and the FBI.
The case is being prosecuted by Assistant U.S. Attorney Gregory McMahon.
An indictment is merely an allegation by a grand jury that a defendant has committed a violation of federal criminal law and is not evidence of guilt. All defendants are presumed innocent and entitled to a fair trial, during which it will be the government’s burden to prove guilt beyond a reasonable doubt.