A 65-year-old Orlando, Fla. man will be sentenced in Septemberafter he admitted to operating a Swedish-based credit union toswindle more than $17 million from 400 investors, according tofederal prosecutors.

Samuel J. Cusumano Jr. pleaded guilty June 24 to wire fraud.

During his plea hearing, Cusumano admitted that between 2007 and2009, as board chair of Storehouse Credit Union, he promoted theinternational credit union as a high yield investmentopportunity through misleading presentations and materials.

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