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

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).

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.

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From Belfast Telegraph