AP NEWS

Long Island man sentenced to 2 years in stock scam

June 8, 2019

CENTRAL ISLIP, N.Y. (AP) — A Long Island man will serve two years in federal prison for his role in a stock scam targeting elderly victims.

Prosecutors say 35-year-old Emin Cohen artificially pumped up stock prices while cold-calling investors who each lost as much as hundreds of thousands of dollars.

Cohen was sentenced Friday by Judge Johanna Seybert, who ordered him to pay more than $80,000 in forfeiture. He had pleaded guilty to conspiracy to commit securities fraud.

Cohen worked with 15 other suspects for a company in Melville, Long Island, that operated between 2014 and 2017.

A sign in their office read, “We’ll pound the phone and with a little bit of luck, we’ll make a ton of money.”

Ten of the others charged pleaded guilty and are awaiting sentencing. Five still face trial.