UK man pleads guilty in US to role in investment scam

BUFFALO, N.Y. — Federal prosecutors in western New York say a man from the United Kingdom has pleaded guilty to being part of an international boiler room operation that scammed 250 investors out of nearly $3 million.

The U.S. Attorney's Office in Buffalo says 47-year-old David Cole of Coventry, England pleaded guilty Tuesday to conspiracy to commit wire fraud.

Prosecutors say Cole participated in a scam operated out of Barcelona, Spain, that bilked investors in the UK and Canada to buy "nearly worthless shares of restricted stock at severely inflated prices."

Some of the investments were funneled through a bank account in western New York before being sent to overseas accounts controlled by 12 members of the operation.

Cole faces a maximum penalty of 20 years in prison and a $250,000 fine when he's sentenced in February.

Similar News

WHY IT MATTERS: All will be touched by choice in November

Aug 11, 2016

Hillary Clinton and Donald Trump offer voters distinct choices this fall on issues that shape everyday lives

Indonesia urged to take stern action on illegal bird trade

Aug 11, 2016

A wildlife trade monitoring group has called on Indonesia to take strong action against traders of endangered birds who are driving several species toward extinction

IMF, Egypt agree on $12B loan to fix ailing economy

Aug 11, 2016

The International Monetary Fund says it will grant Egypt a $12 billion loan over three years to help the Arab world's most populous country mend its ailing economy following years of unrest

Broaden