A former U.S. Congressman from central California was arrested Tuesday by federal agents on wire fraud, money laundering, and campaign contribution fraud charges stemming from “multiple fraud schemes.”
After his nonprofit could not qualify for the construction loan for the recreation facility without a party guaranteeing the loan, Cox said that one of the companies he co-owned would guarantee the loan, and submitted a fabricated board resolution that falsely stated that during a meeting all company owners had agreed to guarantee the Granite Park loan.The loan later went into default, causing a loss of more than $1.28 million, he said.
According to the indictment, when Cox was campaigning in 2017 for the U.S. House of Representatives he reimbursed family members and associates for donations to his campaign, prosecutors said. Cox arranged for over $25,000 in illegal straw or conduit donations to his campaign, Talbert said. If convicted, Cox faces up to 20 years in prison and a $250,000 fine for wire fraud and money laundering, and up to 30 years in prison and a $1 million fine for wire fraud affecting a financial institution. The charge of campaign contribution fraud carries a maximum penalty of five years in prison and a $250,000 fine,
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