Albany businessman admits fraud, stealing funds for planned Cayuga County cheese plant

An Albany businessman has admitted to defrauding private investors out of nearly $1 million for several companies, including a halal cheese plant targeted for Cayuga County.

Lawrence Rosenbaum, 65, pleaded guilty last week to felony charges including grand larceny and securities fraud, state Attorney General Eric Schneiderman’s office announced Tuesday. Rosenbaum is set to be sentenced in March to three to nine years in state prison and will owe $1 million in restitution to victims of his investment and insurance fraud schemes.

The Citizen:
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