Man conned investors out of almost US$3m from 'boiler room'

Man conned investors out of almost US$3m from 'boiler room'

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.

More in this Section

New coronavirus cases fall as Wuhan round-up under wayNew coronavirus cases fall as Wuhan round-up under way

Mike Bloomberg finally steps out at Nevada debateMike Bloomberg finally steps out at Nevada debate

Mike Bloomberg set to sell company if elected presidentMike Bloomberg set to sell company if elected president

Passengers start leaving Diamond PrincessPassengers start leaving Diamond Princess


Lifestyle

THE number of children with mental health issues presenting to the paediatric emergency department in Temple Street has increased dramatically, according to a study by Dr Eoin Fitzgerald.Learning Points: Light at the end of the tunnel for mental health?

Cooking in the MasterChef kitchen is just as scary as you’d imagine, writes Georgia Humphreys.Sweet 16 as Masterchef returns

Martin Hayes doesn’t like to stand still. The fiddle virtuoso from East Clare has made it a hallmark of his career to seek out creative ideas from beyond his musical tradition.Martin Hayes: Breaking new ground

At this point, if we are talking about a collective consciousness and how to move forward, lets go back to basics and talk about what we teach our children and what we were taught ourselves, writes Alison Curtis.Mum's the Word: Children remind us, in a world where we can be anything, be kind

More From The Irish Examiner