Nassau Man Pleads Guilty To Securities Fraud

On Friday, Anthony Vassallo, a former broker and dealer who worked as a manager at a Plainview-based stock company pleaded guilty to securities fraud charges.

Vasallo, 55, of Farmingdale, worked at the Plainview-based Elite Stock Research, and then at the Melville-based My Street Research. During his time, he committed securities fraud with the sale of stock of two companies. When he is sentenced, he could face up to five years in prison.

Between May 2013 and June 2016, Vassallo and others engaged in a scheme to defraud investors in two companies by artificially controlling the price and volume of their traded shares. Vassallo is among 16 people who were charged in July 2017 in connection with a $147 million illegal stock manipulation scheme, and he is the 11th to plead guilty. The defendants who have pleaded guilty are awaiting sentencing.

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