BUFFALO, N.Y. – A Buffalo man has pleaded guilty to participating in a penny stock scheme that bilked at least 10 victims out of an untold sum of money.
Jamie Boye, 33, of Portville, NY, pleaded guilty before U.S. District Court Judge Richard J. Arcara to conspiracy to commit securities fraud. The charge carries a maximum sentence of five years in prison, a fine of $250,000 or both.
According to Assistant U.S. Attorney Aaron J. Mango, the defendant participated in a scheme between October 22, 2008 and September 15, 2011 involving penny stocks. Boye and others utilized several websites registered through an internet domain registrar and web hosting company. One of the websites utilized by the defendant was www.trypennystocks.com. The website was used to tout approximately 29 penny stocks.
During the course of the scheme, Boye and others were compensated by third-parties to tout certain penny stocks. In total, the defendant was compensated $498,714.25 during the scheme.
The plea is the culmination of an investigation on the part of the Internal Revenue Service, Criminal Investigation Division, under the direction of Shantelle P. Kitchen, Special Agent in Charge, Immigration and Customs Enforcement, Homeland Security Investigations, under the direction of Special Agent in Charge James C. Spero, and the United States Secret Service, under the direction of Special Agent in Charge C. Todd Laster.
Sentencing is scheduled for April 15, 2016 at 12:30 p.m. before Judge Arcara.
Boye is currently awaiting sentencing and faces the possibility of up to five years in prison and a fine of $250,000.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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