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Created: 12/27/2010 09:00:44 PM - Followers: 478 - Board type: Free - Posts Today: 0
SEC Charges Man for Defrauding Investors out of Millions of Dollars by Posing as Hedge Fund Billionaire
Defendant presented himself as a special forces veteran and Harvard grad to gain investor trust

Washington D.C., Sept. 29, 2022 —
The Securities and Exchange Commission today charged Justin Costello for using a false persona, as a Harvard-educated military veteran and hedge fund billionaire, to defraud investors out of millions of dollars. The SEC also charged Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

According to the SEC’s complaint, Costello portrayed himself to the public as a seasoned, licensed investment professional who was building a conglomerate in the cannabis industry. His alleged false representations included credentials as a Harvard MBA, experience managing a $1.15 billion hedge fund, and years of experience on Wall Street. As alleged in the complaint, Costello used these fabricated accomplishments to secure approximately $900,000 of investments in two different companies from more than 30 investors. As further alleged in the complaint, while acting as an investment adviser to a married couple, Costello sold the couple $1.8 million of shares in a penny stock at a markup of 9,000 percent over the price paid by Costello and used their $4 million brokerage account to trade, at a significant loss, securities of microcap companies in which Costello had an undisclosed financial interest.

The complaint also alleges that Costello and Ferraro engaged in various stock promotion schemes in which Costello acquired shares of penny stocks and then directed Ferraro to promote those stocks to Ferraro’s Twitter followers and the public. The complaint alleges that Ferraro posted hundreds of tweets to hype those stocks and did not disclose that Costello intended to sell his shares once the stock price increased or that Ferraro would receive a share of Costello’s profits. Through these alleged schemes, Costello and Ferraro together made approximately $792,000 in illicit trading profits.

“As we allege in the complaint, Costello brazenly used fictitious accomplishments to win over investors and directed numerous manipulative stock promotion campaigns,” said Sheldon L. Pollock, Associate Regional Director of the New York Regional Office. “This case highlights our ongoing efforts to protect investors from fraudsters posing as investment professionals and to safeguard the markets from social media schemes and other online fraud.”

The SEC’s complaint, filed in the Western District of Washington, charges Costello and Ferraro with violating the anti-fraud provisions of the federal securities laws. The complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties. The SEC also seeks penny stock bars against Costello and Ferraro and an officer and director bar against Costello. In a parallel action, the U.S. Attorney’s Office for the Western District of Washington today announced criminal charges against Costello.

The SEC’s investigation was conducted by Jordan Baker, Samuel Kalar, and Tian Wen with assistance from Stanley Husband. It was supervised by Celeste Chase and Mr. Pollock, of the New York Regional Office. The litigation will be led by Pascale Guerrier of the New York Regional Office and Mr. Kalar and Ms. Wen. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Western District of Washington, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.

The SEC’s Office of Investor Education and Advocacy (OIEA) encourages investors to use the free resources on to check the background of anyone selling or offering investments.


GRN Holding Corporation

1700 7th Avenue Suite 2300
Seattle, WA 98101

Share Structure:


Authorized Shares
250,000,000    01/29/2020

Outstanding Shares
249,843,977        01/03/2020

201,432,944        01/03/2020

48,411,033             01/03/2020

Business Description: (Blank Shell)

SEC Documents and Audited Financial Statements:

07/01/2019 SEC Form 8K:

07/02/2019 SEC Form 3:


About GRN Funds:

About Mr. Justin Costello:


About Mr. Tad Mailander

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SEC FORM 8K filed 07.22.19:







********NEWS: 11/12/2019:***********



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GRNF News: Quarterly Report (10-q) 07/29/2022 01:34:47 PM
GRNF News: Quarterly Report (10-q) 07/29/2022 01:34:27 PM
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SEC Charges Man for Defrauding Investors out of samsamsamiam 09/29/2022 06:01:21 PM
He will end it all..taking the cowards way buccaneer1961 10/01/2022 12:49:07 PM
Too bad it’s not “Dead or Alive” Anvil 10/01/2022 12:38:41 PM
Not really when you have a cult following samsamsamiam 10/01/2022 09:51:49 AM
It’s amazing that this scum bag thought he BullMarket34 10/01/2022 09:01:13 AM
Wow what happen here? Eagle1 10/01/2022 08:49:51 AM
Can get it here, once someone buys it Roemp 10/01/2022 08:45:16 AM
The famous Failed Limo Driver Lmao jimr1717 10/01/2022 07:01:02 AM
I know. So many of us knew. samsamsamiam e-ore 10/01/2022 12:14:36 AM
SEC found out JC didn't have banking laisence littlejohn 09/30/2022 11:58:12 PM
run justin run!!! is a fugitive ! buccaneer1961 09/30/2022 11:31:53 PM
Justin Costello - wanted by FBI samsamsamiam 09/30/2022 11:10:41 PM
Oh ok thankyou buccaneer1961 09/30/2022 10:16:05 PM
Need an account with PACER or one of e-ore 09/30/2022 10:09:43 PM
Have a link? This needs to be shared...this buccaneer1961 09/30/2022 10:07:51 PM
Justin is stupid buccaneer1961 09/30/2022 10:07:12 PM
As of 9/27, judge appears to have finally e-ore 09/30/2022 10:03:37 PM
#73680 buccaneer1961 09/30/2022 02:30:04 PM
#73679 buccaneer1961 09/30/2022 02:29:23 PM
U.S. Attorneys » Western District of Washington » News samsamsamiam 09/30/2022 02:06:45 PM
I hope he deprives us of true justice buccaneer1961 09/30/2022 01:38:43 PM
Word is that he was supposed to turn gjefferson 09/30/2022 01:04:08 PM
Very Nice!! Hope the blow up Barbie gets Poorboy9 09/29/2022 09:35:25 PM
Yes..bux will turn on them and snitch....he is buccaneer1961 09/29/2022 04:17:24 PM
(High five)….. wonderful news Cbrnlol 09/29/2022 04:10:49 PM
It’s gonna be wonderful seeing all people involved Cbrnlol 09/29/2022 04:09:29 PM
Me too...all trash buccaneer1961 09/29/2022 04:06:33 PM
Whoever first squeals..get the best deals...marsha that dirty buccaneer1961 09/29/2022 04:05:57 PM
Yes, that was him. Looking forward to seeing Cbrnlol 09/29/2022 04:04:18 PM
That was the bux? He did tell buccaneer1961 09/29/2022 04:03:19 PM
Sec got constello and computerbux Ferraro:) Cbrnlol 09/29/2022 03:55:47 PM
Trust the bux....lololozzzz buccaneer1961 09/29/2022 03:26:38 PM
How is rose doing? Is George Sharp single? buccaneer1961 09/29/2022 03:23:52 PM
Reverse split coming too Longer Than Most 09/29/2022 03:20:52 PM
told this board two years ago that this tchalla 09/29/2022 02:48:35 PM
#73662 buccaneer1961 09/29/2022 02:18:28 PM
Awesome$ that pig..that sow! Criminal trash..what of rose?? buccaneer1961 09/29/2022 02:12:33 PM
SEC Charges Man for Defrauding Investors out of samsamsamiam 09/29/2022 02:01:21 PM
Yes buccaneer1961 09/05/2022 06:04:11 PM
GRNF almost as trashy as Justin Costello and Daytrader2013 09/04/2022 06:03:10 PM
There was a pump..a trashbag pumping this. Saying buccaneer1961 08/16/2022 03:52:04 PM
Justin costello buccaneer1961 08/16/2022 03:51:22 PM
Are you speaking of the new CEO, Steinberg John Gault 08/16/2022 03:36:50 PM
What do you base $500 on? John Gault 08/16/2022 03:35:27 PM
Donald Steinberg is another conman he was partners I-Glow 08/06/2022 06:31:18 PM
Is this the same Donald that was friends buccaneer1961 08/05/2022 03:47:12 PM
Today's news shows how unprofessional they are, or e-ore 08/05/2022 02:12:10 PM
well....out of many things I pointed out, you Pennyes 08/05/2022 01:31:21 PM
Split with that million $$ ? buccaneer1961 08/05/2022 09:47:24 AM
Lol AS raise. CURRENT SHARES Class/Series Type Share Number Value Common 750,000 Cbrnlol 08/05/2022 09:41:41 AM
Wonder what happened to ex wife Katrina. Both Cbrnlol 08/05/2022 09:38:28 AM
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