Rockland: Local loan excutives charged with fraud

The Securities and Exchange Commission has charged a Rockland-based subprime auto lender Inofin Inc. and Inofin executives Michael Cuomo of Plymouth, Kevin Mann of Marshfield and Melissa George of Duxbury, with defrauding investors and diverting millions of dollars in investor funds for their personal benefit.

The SEC also charged two sales agents Thursday with illegally offering to sell company securities without being registered as broker-dealers.

The SEC says the firm is not registered to offer securities to investors, but executives raised at least $110 million from investors nationwide, promising returns of nine to 15 percent.

The executives allegedly diverted some of the money to open used car dealerships and develop real estate properties. As the company lost money, executives lied to investors and Massachusetts authorities.

State officials have charged the firm and six people and revoked its lending license.

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