FBI Fugitive Justin Costello Caught After Alleged $35 Million in Fraud and Investment Schemes
The FBI caught a wanted fugitive Justin Costello after following his trail of lies and scams to defraud others, racking up $35 million in alleged crimes.
Some people are just habitual liars. In this story of lies, many innocent people lost money after investing in his two companies. One man with a huge ego thought he could spin a web of lies to impress potential investors.
Lying in itself is not a crime, but stealing money from people is. The FBI put him on the “Wanted Fugitive” list for 22 counts of fraud by wire and 3 counts of securities fraud.
Wanted Fugitive Justin Costello was Apprehended on Oct. 4, 2022
CNBC reported that FBI SWAT team of the San Diego branch caught up to wanted fugitive Justin Costello in El Cajon, California (located in San Diego County) on Tuesday, 4 October 2022.
Costello, a resident of Bellevue, Washington, was originally going to surrender to the FBI on Thursday, 29 September 2022 after being indicted by a grand jury in Washington state federal court on Wednesday, 28 September 2022. However, Justin Costello did not show up at the FBI office in San Diego. After he failed to show up, the FBI issued a “Wanted” poster for his arrest. (Source: FBI)
On Wednesday, 5 October 2022, Costello complained about health issues and was taken to a hospital.
On Twitter, FBI Seattle (@FBISeattle) tweeted thanks to the San Diego branch for their part in the arrest of Justin Costello on Tuesday, 4 October 2022.
Justin Costello was using his companies to line his own pockets, and lying to investors.
Justin Costello’s Companies Hempstract and GRN Holding Corp.
Two of the companies were Hempstract and GRN Holding Corp.
The U.S. Securities and Exchange Commission (SEC) accuses him and an alleged co-conspirator David Ferraro of defrauding investors to promote penny stocks without giving full disclosure of their own shares. David Ferraro, 44, from Radford, VA, was using a Twitter account (@computerbux) to promote the penny stocks.