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Gem Mogul Pleads Guilty to Bank Fraud

NEW YORK – As reported by the New York Post: "Manhattan gem mogul who pleaded guilty to a massive bank-fraud scheme yesterday had dug himself into an $18 million hole thanks to an out-of-control gambling habit and a penchant for playing the stock market.

"'It wasn't just stocks. He went to Vegas. He bet on anything,' a source close to the case said of Joshua Kestenbaum, 49. 'He'd bet on the color of the next gumball to come out of the machine.'

"Kestenbaum admitted he concealed his 'personal and business losses' and lied to a key lender in order to land more than $20 million in credit for his now-defunct Cosmopolitan Gem Corp., once among the country's largest jewelry companies…"

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