Fugitive claiming to be Harvard-educated billionaire arrested in $35M fraud scheme
A fugitive, who claimed to be a Harvard-educated military veteran and hedge fund billionaire, was arrested in a scheme to defraud thousands of investors out of
A federal arrest warrant was issued for Costello on
"He may be traveling with his wife, Katrina Rosseini, who is not a fugitive," a "Wanted" poster featuring photos of Costello said.
According to the indictment, Costello, who previously lived in
To lure potential private investors, Costello allegedly claimed he was a billionaire, had an MBA from Harvard, had done two tours in
"In a complex scheme involving shell companies, penny stocks and financial services for marijuana businesses,
In one instance, Costello allegedly sold a married couple
"As we allege in the complaint, Costello brazenly used fictitious accomplishments to win over investors and directed numerous manipulative stock promotion campaigns,"
"This case highlights our ongoing efforts to protect investors from fraudsters posing as investment professionals and to safeguard the markets from social media schemes and other online fraud."
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