Coffee Shop Founder Stole $3M From Investors

The co-founder of a popular coffee shop chain in Buffalo faces nearly three years in prison after admitting to his role in a stock offering that bilked investors out of more than $3 million.
Michael Morin has pleaded guilty to federal charges stemming from the 2002 sale of stock in the Spot Coffee stores he and his wife first opened in the mid-1990s.
Morin admitted that stock offering documents misrepresented the company's financial status.
As part of his plea agreement, Morin will pay nearly $580,000 in restitution to Spot Coffee stock buyers.
Spot Coffee is now owned by a Canadian investment firm, which plans to expand the business in western New York.
The 48-year-old businessman faces 33 months in prison and a $5 million fine when he's sentenced in May.

Copyright AP - Associated Press
Contact Us