SEC v. Emin Cohen; and Dennis Verderosa, No. LR-24906, Eastern District of New York (Sept. 21, 2020) — Press Release
raw: PowerTradersPress.com, Inc., et al.
PowerTradersPress.com, Inc., et al., No. LR-24906 (E.D.N.Y. Sept. 21, 2020)
summary
Emin Cohen and Dennis Verderosa operated a $10 million boiler-room scheme, using deceptive sales tactics to dump shares, and were sentenced to prison and barred from violating antifraud provisions.
paragraph
Emin Cohen and Dennis Verderosa were charged with operating a $10 million boiler-room scheme that used threatening and deceptive sales tactics to pressure retail investors into buying penny stocks. They were accused of violating the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) and Rule 10b-5 of the Exchange Act. Both men pleaded guilty in a parallel criminal case and received prison sentences.
narrative
Emin Cohen and Dennis Verderosa operated a $10 million boiler-room scheme that used threatening and deceptive sales tactics to pressure retail investors into buying penny stocks. The scheme involved front-running of client orders and executing opposite sell orders to dump the fraudsters' shares. Both men were charged with violating the antifraud provisions of Section 17(a) of the Securities Act, Section 10(b) and Rule 10b-5 of the Exchange Act, and the broker-dealer registration rules under Section 15(a). In a parallel criminal case, Cohen and Verderosa pleaded guilty and received prison sentences of 24 and 72 months, respectively, along with supervised release. The SEC's final consent judgments barred them from violating antifraud provisions. The scheme was operated through PowerTradersPress.com, Inc. and targeted retail investors, resulting in significant financial losses.
Classified boiler-room(confidence 100%). EDGAR detection: forms Form D· recall 50% / precision 4%. detection rule →
Parties
Securities and Exchange CommissionEmin CohenDennis Verderosa
Keywords
cohen verderosacohenfinaljudgmentsverderosaschemesecuritiesboiler roomroom schemesecurities exchangefinal consentconsent judgmentsemin cohendennis verderosafraudulent scheme
Exhibits & Attached Documents (2)
Extracted insights
Dollar amounts 3
- $10.00M $10 million $10M–$100M
- $383K $383,344 $100K–$1M
- $136K $136,373 $100K–$1M
Entities 7
- scheme_term a $10 million boiler room scheme
- scheme_term boiler room scheme
- scheme_term complaint alleging $10 million boiler room scheme
- person emin cohen
- person fraudulent scheme
- scheme_term two additional defendants in boiler room scheme
- court u.s. district court for the eastern district of new york
Triples 43
- SEC settles with two additional defendants in boiler room scheme
- SEC alleged Emin Cohen, Dennis Verderosa, and others engaged in a fraudulent scheme using
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals
- SEC filed complaint alleging $10 million boiler room scheme
- SEC settles two additional defendants in boiler room scheme
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals charged for their roles in a $10 million boiler room scheme
- SEC filed complaint
- SEC settles with two additional defendants in boiler room scheme
- SEC alleged Emin Cohen, Dennis Verderosa, and others engaged in a fraudulent scheme using boiler room tactics
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals
- SEC filed complaint alleging $10 million boiler room scheme
- SEC settles with two additional defendants in boiler room scheme
- SEC alleged Emin Cohen, Dennis Verderosa, and others engaged in a fraudulent scheme using
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals
- SEC filed complaint on July 12, 2017
- Emin Cohen, Dennis Verderosa, and others engaged in a $10 million boiler room scheme
- SEC settles with two additional defendants in boiler room scheme
- SEC alleged Emin Cohen, Dennis Verderosa, and others engaged in a fraudulent scheme using boiler room tactics
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals
- Emin Cohen and Dennis Verderosa engaged in a $10 million boiler room scheme
- Emin Cohen engaged in fraudulent scheme
- Dennis Verderosa engaged in fraudulent scheme
- PowerTradersPress.com, Inc. charged with boiler room scheme
- SEC filed complaint against Emin Cohen, Dennis Verderosa, and others
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals
- $10 million involved in boiler room scheme
- SEC settled with two additional defendants
- SEC settles with Emin Cohen and Dennis Verderosa
- Emin Cohen, Dennis Verderosa, and others engaged in a fraudulent $10 million boiler room scheme
- SEC filed complaint against Emin Cohen, Dennis Verderosa, and others
- U.S. District Court for the Eastern District of New York entered final consent judgments against Emin Cohen and Dennis Verderosa
- SEC Settles with Two Additional Defendants in Boiler Room Scheme
- U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals charged for their roles in a $10 million boiler room scheme
- SEC filed a complaint
- Emin Cohen engaged in a fraudulent scheme
- Dennis Verderosa engaged in a fraudulent scheme
- SEC Settles with PowerTradersPress.com, Inc.
- U.S. District Court entered final consent judgments against two individuals
- Emin Cohen engaged in fraudulent scheme
- Dennis Verderosa engaged in fraudulent scheme
- PowerTradersPress.com, Inc. was charged in boiler room scheme
- SEC filed complaint on July 12, 2017
- boiler room scheme involved $10 million
PDF (from attached: judgment)
Text layers
Extracted body text (2,416c)
SEC Settles with Two Additional Defendants in Boiler Room Scheme Litigation Release No. 24906 / September 21, 2020 Securities and Exchange Commission v. PowerTradersPress.com, Inc., et al., No. 17 Civ. 04133 (E.D.N.Y. filed July 12, 2017) On September 17, 2020, the U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals charged for their roles in a $10 million boiler room scheme. The SEC's complaint, filed on July 12, 2017, alleged Emin Cohen, Dennis Verderosa, and others, engaged in a fraudulent scheme using threatening and deceitful sales tactics to pressure retail investors to purchase penny stocks. The defendants used information they learned about the victims' purchase orders to facilitate the placement of opposing sell orders to dump shares owned by participants in the fraudulent scheme. In a parallel criminal action, Cohen and Verderosa pleaded guilty. Cohen and Verderosa were sentenced to 24 and 72 months in prison, respectively, followed by three years' supervised release. The final consent judgments enjoin Cohen and Verderosa from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the broker-dealer registration provision of Section 15(a) of the Exchange Act. The final judgments order Cohen and Verderosa to disgorge $136,373 and $383,344 respectively, plus prejudgment interest, all of which is deemed satisfied by the forfeiture and restitution ordered in the parallel criminal action. The judgments also impose penny stock bars. These judgments follow the June 11, 2020 announcement of final judgments obtained by consent against three other defendants in the case. In a separate settled administrative proceeding, Cohen was barred from the securities industry. The SEC's continuing investigation is being conducted by Cecilia B. Connor and Andrew Elliott and supervised by Carolyn M. Welshhans and Amy L. Friedman, with assistance from Leigh Barrett. The SEC's litigation is being handled by James Smith and Matthew Scarlato and supervised by Jan Folena. The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority. Final Judgment - Dennis J. Verderosa Final Judgment - Emin Cohen
OCR text (2,416c · html-text · 99% conf)
SEC Settles with Two Additional Defendants in Boiler Room Scheme Litigation Release No. 24906 / September 21, 2020 Securities and Exchange Commission v. PowerTradersPress.com, Inc., et al., No. 17 Civ. 04133 (E.D.N.Y. filed July 12, 2017) On September 17, 2020, the U.S. District Court for the Eastern District of New York entered final consent judgments against two individuals charged for their roles in a $10 million boiler room scheme. The SEC's complaint, filed on July 12, 2017, alleged Emin Cohen, Dennis Verderosa, and others, engaged in a fraudulent scheme using threatening and deceitful sales tactics to pressure retail investors to purchase penny stocks. The defendants used information they learned about the victims' purchase orders to facilitate the placement of opposing sell orders to dump shares owned by participants in the fraudulent scheme. In a parallel criminal action, Cohen and Verderosa pleaded guilty. Cohen and Verderosa were sentenced to 24 and 72 months in prison, respectively, followed by three years' supervised release. The final consent judgments enjoin Cohen and Verderosa from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and the broker-dealer registration provision of Section 15(a) of the Exchange Act. The final judgments order Cohen and Verderosa to disgorge $136,373 and $383,344 respectively, plus prejudgment interest, all of which is deemed satisfied by the forfeiture and restitution ordered in the parallel criminal action. The judgments also impose penny stock bars. These judgments follow the June 11, 2020 announcement of final judgments obtained by consent against three other defendants in the case. In a separate settled administrative proceeding, Cohen was barred from the securities industry. The SEC's continuing investigation is being conducted by Cecilia B. Connor and Andrew Elliott and supervised by Carolyn M. Welshhans and Amy L. Friedman, with assistance from Leigh Barrett. The SEC's litigation is being handled by James Smith and Matthew Scarlato and supervised by Jan Folena. The SEC appreciates the assistance of the U.S. Attorney's Office for the Eastern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority. Final Judgment - Dennis J. Verderosa Final Judgment - Emin Cohen