Auto loan company founders accused of $11M fraud
Apr. 02, 2015
BOSTON (AP) — Two Massachusetts men who ran a now-defunct auto loan company are accused of defrauding investors out of more than $11 million.
Federal prosecutors say 52-year-old Michael Cuomo of Plymouth and 64-year-old Kevin Mann Sr. of Marshfield were charged Thursday in federal court in Boston with mail fraud, wire fraud and conspiracy.
Authorities say Cuomo and Mann founded Iofin Inc. in Rockland in 1994. Prosecutors say Cuomo and Mann courted investors to roll over their retirement plans into investment accounts at Iofin to fund the company's operations from 1998 to 2011, but they had no government approval to oversee retirement funds.
Officials say nearly all the investors' money was lost when Iofin went bankrupt.
No one answered phone listings for Cuomo and Mann Thursday night. Their attorneys didn't immediately return messages.