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Disgraced ex-Congressman Wes Cooley (disgraced for lying about his military record) indicted for defrauding investors out of over $10 million in a scam right out of an episode of the Sopranos

Cooley and co-conspirers sold unregistered stock of Bidbay.com Inc., of which he was vice president, under the false pretext that EBay Inc. would soon be buying the company for $20 a share, according to the statement. EBay never intended to buy Bidbay.com and had sued the company for trademark infringement, according to the statement.

And some more details here

The indictment outlines a scheme in which Cooley, along with co-schemers George Tannous and De Elroy Beeler Jr., solicited hundreds of victims across the country to purchase unregistered stock in Bidbay.com, Inc. (also known as Auctiondiner.com, Inc.) and several related shell companies. Cooley was the vice president of Bidbay. The indictment alleges that victim investors were lured by several false statements, including claims that Bidbay.com and/or the shell companies would soon be acquired by Ebay, Inc. for $20 per share. Ebay never had any intention of acquiring Bidbay.com and had even sued Bidbay.com for trademark infringement over the use of “bay” in its name. Investors were also not told that Beeler, who was engaged in soliciting investors for Tannous and Cooley, was a convicted felon awaiting sentencing on unrelated fraud charges.

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Josh Marshall is editor and publisher of TalkingPointsMemo.com.
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