‘Boiler room’ operator pleads guilty to international securities fraud conspiracy
On Monday, in federal court in Brooklyn, Lee Cohen, a citizen of the United Kingdom, pleaded guilty to conspiracy to commit securities fraud for his role in a scheme to manipulate the price and trading volume of HD View, 360, Inc. (HDVW), a publicly traded company that purported to distribute and install security surveillance systems.
In connection with his plea, Cohen also admitted that he agreed to launder money that was purported to be the proceeds of similar securities fraud schemes. The proceeding was held before United States District Judge Kiyo A. Matsumoto.
Cohen operated a self-described “boiler room” in the Philippines. He and his co-conspirators used the boiler room to defraud investors and potential investors in HDVW by inducing investors to buy HDVW shares at particular prices.