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2 Massachusetts men charged with bilking investors out of $11M through auto financing company

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BOSTON — The founders and principals of a defunct Rockland vehicle finance company have been charged with fraud that cost investors more than $11 million.

Federal prosecutors said Thursday that 52-year-old Michael Cuomo, of Plymouth, and 64-year-old Kevin Mann Sr., of Marshfield, were indicted on charges of conspiracy to commit mail and wire fraud, mail fraud and wire fraud.

The Patriot Ledger reports the indictment alleges that from 1994 through 2011 Cuomo and Mann owned and operated Inofin Inc., which funded loans to used car buyers who could not qualify for traditional financing.

The indictment alleges Cuomo and Mann falsely told their investors that they could roll over money held in retirement plans to Inofin.

As a result, $11 million in retirement funds were lost when Inofin went into involuntary bankruptcy proceedings.

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