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| Taejon Christian International School was scammed out of $5.5 million in 2011. / Screen capture of TCIS homepage |
By Lee Han-soo
A Manhattan Federal Court has found a scammer guilty of defrauding a Korean international school out of millions of dollars, according to U.S. magazine Newsweek on Mar. 22.
William Cosme, claiming to manage more than $11 billion, emailed Taejon Christian International School (TCIS) in 2011 agreeing to invest the school's $5.5 million and to lend the school $55 million to relocate. He also promised to put the school in touch with his "royal" clients.
But after receiving the money, Cosme did not introduce anyone.
Instead, he went on a gambling spree in Las Vegas and bought numerous cars including a $314,000 Lamborghini Gallardo. He spent about $2 million of the school's money before being arrested in 2012.
"He claimed he would generate 25 percent annual returns for 10 years. That's not true. He has no investing track record," said Daniel Levy, the assistant U.S. attorney in charge of the case.
"So he committed fraud in order to get the school to give him this money. When the school wanted a progress report on how he was investing the money, he sent a false bank statement showing he had $12.5 million."
The jury found Cosme guilty of wire fraud charges, punishable by up to 20 years' jail.
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