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An entrepreneur from the Hudson Valley has been accused by federal authorities of defrauding investors of nearly $1 million.
Audrey Strauss, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the FBI announced that Joseph Cimino, the founder of an Orange County-based tequila company, was arrested Tuesday morning, Feb. 17, and charged with securities fraud and wire fraud arising out of his fraudulent solicitation of investments for the company.
Cimino is scheduled to appear in White Plains Federal Court Tuesday afternoon.
“Joseph Cimino allegedly raised nearly $1 million in investor funds for his startup tequila company by lying about the company’s finances, and then spent a significant portion of that money to finance his own lifestyle, Strauss said. Now Cimino faces the sobering reality of federal securities an
Tequila entrepreneur arrested over fabricated sales
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Hudson Valley Entrepreneur Accused Of Defrauding Investors Of Nearly $1 Million
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Litigation Release No. 25031 / February 17, 2021
Securities and Exchange Commission v. Joseph Cimino, Civil Action No. 21 Civ. 1375 (S.D.N.Y., filed February 17, 2021).
The Securities and Exchange Commission today charged Joseph Cimino of Warwick, New York, the founder and former managing member of 6 Degree Tequila, LLC, with conducting a fraudulent securities offering and misappropriating investors funds for personal use.
According to the SEC s complaint, from approximately December 2014 through September 2017, Cimino raised approximately $985,000 from investors through misrepresentations. As alleged, Cimino deceived certain investors by providing them with a list containing false investor names and dollar amounts of the fake investors purported investments, creating the appearance that 6 Degree Tequila had raised more money than it actually had. The complaint further alleges that Cimino provided falsified financial statements and sales data to certain investors. In addition