A 28-count indictment against Cox was unsealed in federal district court in California, charging him with 15 counts of wire fraud, 11 counts of money laundering, one count of financial institution fraud and one count of campaign contribution fraud.
against Cox, who served one term, was unsealed in federal district court in California charging him with 15 counts of wire fraud, 11 counts of money laundering, one count of financial institution fraud and one count of campaign contribution fraud, according to the Justice Department.
Federal prosecutors alleged that the"multiple" fraud schemes carried out by Cox targeted companies he was affiliated with, along with their clients and vendors. He is accused of creating unauthorized, off-the-books bank accounts and diverting money into them through"false representations, pretenses and promises."
Cox also allegedly submitted multiple false representations to a lender to receive mortgage loan funds to buy a property, which he falsely said would be his primary residence and included fake bank statements, according to federal prosecutors. The newly unsealed indictment, however, claimed Cox bought the property to rent it out.
As part of the scheme involving the construction loan, the former congressman allegedly submitted a falsified board resolution incorrectly stating that during a meeting, the company owners agreed to guarantee the loan to develop Granite Park. The meeting, however, never occurred, and the loan went into default, resulting in a loss of more than $1.28 million, federal prosecutors said.
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