Philippines Boiler Room Operator Cops To $1.2M Fraud

By Ivan Moreno (August 1, 2022, 8:27 PM EDT) -- A United Kingdom citizen who operated a boiler room from the Philippines pled guilty Monday in Brooklyn federal court to participating in a scheme prosecutors say defrauded more than 1,000 U.S. investors out of $1.2 million by manipulating the price and trading volume of a penny stock company.

Lee Cohen, 52, pled guilty to conspiracy to commit securities fraud, admitting to U.S. District Judge Kiyo A. Matsumoto that from July 2017 to February 2018 he persuaded investors to buy shares of HD View 360 Inc., which purported to install and distribute security surveillance systems.

Prosecutors said in a March complaint that...

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