British man pleads guilty in court to $3M stock scam

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A British man has pleaded guilty to his role in operating a Spain-based “boiler room” operation that conned about 250 investors out of nearly $3 million.¬†The U.S. attorney’s office says 52-year-old Martin Rhys-Jones of the United Kingdom 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 bilked investors in the U.K. and Canada by getting them to buy nearly worthless shares of restricted stock at highly inflated prices.

Read the full article at Metro News.