Samuel J. Cusumano, $17 Million Ponzi Scheme, Florida 2024
Ponzi Scheme Unfolds in Gainesville, Florida
GAINESVILLE, FLORIDA, 06/09/2024
A massive Ponzi scheme has been uncovered in Gainesville, Florida, with Samuel J. Cusumano, 64, of Orlando, facing a seven-count indictment for wire fraud violations of Title 18, United States Code, Section 1343.
The indictment, returned by a Gainesville grand jury, alleges that Cusumano, as the founder and Chairman of the Board of Directors of Storehouse Credit Union Ek, promoted and disseminated materials claiming to offer its members the opportunity to obtain high-yield investments.
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.
According to the indictment, Cusumano falsely represented that the accounts yielded monthly returns in excess of 5 percent, providing a variety of financial benefits and services.
Samuel J. Cusumano, founder of Swedish company Storehouse Credit Union Ek, has been charged with wire fraud violations of Title 18, United States Code, Section 1343.
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.
Assistant U.S. Attorney Gregory McMahon is prosecuting the case.
It is worth noting that 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.
Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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