Mozaic Payments CEO Charged with $20 Million Fraudulent Investment Scheme
Marcus Cobb, CEO of Mozaic Payments, faces charges of conspiracy to commit wire fraud after allegedly defrauding a private equity firm of $20 million by misrepresenting his company's application. Cobb and a co-founder reportedly submitted fabricated documents and testimonials to secure the investment, despite the application being non-functional and generating no revenue, leading to a $20 million investment in September 2023.
Key takeaways
- Marcus Cobb, CEO of Mozaic Payments Inc
- , has been indicted on charges of conspiracy to commit wire fraud, accused of defrauding a private equity firm of $20 million
- Cobb and a co-founder allegedly misrepresented the capabilities of Mozaic's revenue-sharing application for the music industry to secure investment
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