New York

Man convicted of cheating South Korean school out of $5.5M

A suburban New York man has been convicted of cheating a South Korean school out of $5.5 million and then living lavishly.

A federal court jury returned the guilty verdict Tuesday against William Cosme.

Prosecutors say he cheated the Christian missionary school by duping it into sending him the money in expectation he would lend the school about $55 million.

Manhattan Acting U.S. Attorney Joon Kim says Cosme used the money to buy more than $500,000 in cars and go on a 110-day gambling spree in Las Vegas. Prosecutors say the 51-year-old Jericho resident lost more than $200,000 gambling.

Cosme faces up to 22 years in prison at his June sentencing.

Cosme maintains the government acted illegally in collecting evidence in the case.