California man pleads guilty to selling unregistered stocks for fake Nevada businesses
A California man pleaded guilty on Wednesday to selling unregistered stocks for fake Nevada businesses, defrauding 157 people of over $4 million, according to the Justice Department.
Gilbert R. Rosseau, 57, of North Hollywood, California, pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud. The Justice Department said between 2009 and 2012, Rosseau and five other people created four biofuels development front companies in Nevada to market fake stocks and stock purchase warrants which they sold to victims of the scheme, many of whom were elderly.
As part of his plea deal, Rosseau promised to pay over $4.4 million in restitution. He faces up to 20 years in prison and a $250,000 fine.
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