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 US$3m.
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.