WHITE PLAINS – A Warwick man pled guilty in federal court admitting that he fraudulently solicited investments for his tequila brand.
According to court documents and statements in court, from about 2014 to 2018, Joseph Cimino raised some $935,000 from at least 25 investors based on fraudulent representations.
To attract investors, he falsely inflated the amount of capital he had raised from prior investors, and falsely inflated his company’s sales.
Cimino also misused a substantial portion of investor money that was intended to fund the operations of his tequila business for personal expenses including for food, entertainment, and other living expenses.
He pled guilty to one count of securities fraud and one count of wire fraud, each of which carries a maximum sentence of 20 years in federal prison.
