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Man faces 27 months in prison for penny stock scam

In early 2011, James M. Palladino sent out newsletters with "misleading and fictitious information" about the penny stocks he was trying to manipulate.

Palladino, who was eventually caught and arrested, pleaded guilty Wednesday to conspiracy to engage in monetary transfers and will face a recommended prison term of up to 27 months when he is sentenced by U.S. District Judge William M. Skretny.

As part of his plea agreement, Palladino – who operated out of Florida – admitted working with others, including two unnamed cooperating defendants, one of them in Buffalo, as part of the overall scheme.

His guilty plea is the result of a prosecution by Assistant U.S. Attorney Aaron J. Mango and an investigation by Immigration and Customs Enforcement's Homeland Security Investigations unit.

 

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