BUSINESS BRIEFING / COURTS
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A former U.S. congressman from Oregon has been indicted on charges related to an investment fraud scheme that took more than $10 million from victims, federal prosecutors said.
Wester Cooley, 76, who served two years in Congress in the 1990s, was named in a seven-count indictment filed in U.S. District Court in Los Angeles.
Cooley, of Palm Springs, and two others are accused of soliciting hundreds of investors from across the country to purchase unregistered stock in Bidbay.com by falsely claiming that the company would be acquired by EBay Inc. at a substantial profit.
EBay officials said they had never discussed acquiring the company. Cooley could not be reached for comment.
The indictment alleges that Cooley laundered $1.1 million of the illegally obtained money in 2002 and failed to declare the income on his tax returns. Cooley was previously convicted of making false statements about his military record in an Oregon voter guide.
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