Marijuana finance executive Justin Costello, former CEO of Seattle-based GRN Funds, has been arrested after allegedly going on the run following a criminal indictment by the U.S. Department of Justice.
Costello was arrested by the FBI on Wednesday in El Cajon, California, CNBC reported.
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The FBI said Costello failed to appear at its San Diego office to surrender himself.
The former Washington state resident was indicted Sept. 29 by the U.S. attorney’s office in the Western District of Washington.
“In a complex scheme involving shell companies, penny stocks, and financial services for marijuana businesses, Mr. Costello used Twitter, press releases, securities filings, and claims of great wealth to paint a picture of fabulous financial success,” U.S. Attorney Nick Brown said in a statement.
“In truth that picture was a mirage.”
A summary of the 25-count indictment alleges that Costello, through a company called Pacific Banking Corp., “diverted money
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