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SEC boiler room defendant Cohen receives two years

2019-06-07 19:35 ET - Street Wire

Also Street Wire (U-ICEIF) Intelligent Content Enterprises Inc

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by Mike Caswell

A New York judge has sentenced Emin L. Cohen, dubbed a "predatory telemarketer" by prosecutors, to two years in jail. Mr. Cohen was part of a scheme in which he pressured seniors and others to buy shares of former Canadian Securities Exchange listing Intelligent Content Enterprises Inc. with claims that Disney had an interest in the company. Prosecutors said that his victims included one senior who bought $800,000 worth of Intelligent Content shares. (All figures are in U.S. dollars.)

Mr. Cohen received his sentence in an appearance on Friday, June 7, before District Court Judge Joanna Seybert. In addition to the jail term, she ordered him to pay $86,168 in forfeiture. He must also pay restitution, which the judge will determine at a later date.

The jail term represents half of the four-year sentence that prosecutors had sought for Mr. Cohen. They said that he was part of a three-year fraud that included the manipulation of Intelligent Content and four other stocks. The boiler room where he worked inflicted total losses that prosecutors calculated to be as high as $16.5-million.

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