News World News

Thursday 8 December 2016

Briton pleads guilty in US court to £2m stock scam

Published 02/06/2016 | 14:06

Martin Rhys-Jones pleaded guilty to laundering money acquired in a wire fraud conspiracy
Martin Rhys-Jones pleaded guilty to laundering money acquired in a wire fraud conspiracy

A British man has pleaded guilty in the US to his role in operating a Spain-based "boiler room" operation that conned about 250 investors out of nearly 3 million dollars (£2 million).

  • Go To

The US attorney's office said 52-year-old Martin Rhys-Jones pleaded guilty in federal court in Buffalo to laundering money acquired in a wire fraud conspiracy.

Prosecutors say Jones and Arnold Wrobel, a former Buffalo resident, oversaw a boiler room in Barcelona that conned investors in the UK and Canada by getting them to buy nearly worthless shares of restricted stock at highly inflated prices.

Officials say a portion of the proceeds from the criminal operation were funnelled through a bank account in western New York before being sent to numerous overseas accounts controlled by Jones and Wrobel.

Wrobel was convicted in December and is awaiting sentencing.

Press Association

Read More

Promoted articles

Editors Choice

Also in World News