Massachusetts investment advisor sentenced for defrauding investors out of over $1.2M
BOSTON (WWLP) – An investment adviser from Bridgewater was sentenced for defrauding investors out of over $1.2 million.
According to the Department of Justice, 38-year-old Jose Rocha of Bridgewater was sentenced to two years in prison and three years of supervised release. Rocha was also ordered a forfeiture of $774,737. Back in September, Rocha pleaded guilty to one count of securities fraud.
Rocha solicited investments from Massachusetts residents between 2020 and 2022. He was portraying himself as a successful investor in publicly traded securities such as stocks and stock options and promised to manage investor funds in exchange for a share of the returns. Rocha, in total, ended up stealing over $1.2 million in investment funds from his victims.
Rocha then used the money to pay purported investment returns to other investors, and he stole funds for himself and used the money to pay for vacations and gambling at casinos.
A civil complaint was filed against Rocha in August by the Securities and Exchange Commission for allegedly violating the securities law. Rocha entered into a Consent Judgment with the Securities and Exchange Commission along with the guilty plea.
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