CHARLOTTE, N.C. — U.S. Attorney Andrew Murray says Bryan Cohen, 45, of Indian Trail pleaded guilty to wire fraud after operating an investment scheme that defrauded investors of more than $385,000.
Detectives say from 2015 to 2020 Cohen defrauded at least 10 victims by convincing them to invest in his suggested businesses; OTC Bully, Ascension Trading, and Recharge Investments, and others.
Court records show Cohen lied about being a financially savvy investor and told his victims he would invest their money using a computer algorithm called the “Dewey System,” officials say.
Court officials say Cohen admitted to convincing his victims their investments were legitimate by providing bogus investment agreements, not charging investment fees, and telling victims their money would be invested in a manner “expected of a reputable, experienced, and competent professional investment manager.”
Cohen also supplied his victims with fake profit and loss sheets monthly, that showed investments made by the victims were growing, according to a news release.
Investigators say Cohen used the funds to pay for personal expenses and to make Ponzi-style payments to older investors with the new investor’s money.
Officials say wire fraud carries a maximum prison sentence of 20 years and a $250,000 fine.
U.S. Attorney Murray says thanks to help from the FBI in Charlotte, and the North Carolina Department of Public Safety, Special operations and Intelligence Unit, they were able to get a guilty plea from Cohen.
