Scam used fake SEC letters to bilk victims, FBI says
BOSTON (AP) — A Pennsylvania man faces prison after he admitted he scammed victims by pretending to be an employee of the Securities and Exchange Commission.
Frank Cedeno pleaded guilty in Boston on Wednesday to wire fraud conspiracy and money laundering conspiracy. Both counts carry maximum prison terms of 20 years.
The 27-year-old Mahanoy City resident admitted he conspired with others to demand money from people by pretending to be an SEC employee.
Some victims received emails featuring the SEC seal that offered them the chance to pay a fee to receive part of a legal settlement. Others were notified they were a defendant in a lawsuit and could pay a fee to avoid appearing in court.
Cedeno is to be sentenced in March. A co-conspirator was sentenced in August to 63 months.