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Ponzi Scheme Sends Daniel Cohen to Prison

Younger Cohen Sentenced in $39M Ponzi Scheme, Father Sentenced January 30

Daniel O. Cohen received a 12-year prison sentence for his role in a multi-million dollar Ponzi scheme that defrauded approximately 1,000 investors across the country. U.S. District Judge George H. Wu also ordered Cohen to pay $39 million in restitution.

According to the U.S. Attorney’s Office, Cohen and his father, Richard Alan Cohen (sentenced January 30, 2012), formed several companies in the mid-1990s. These included: Eurobrand, LLC, doing business as Euromints; Samuel & Cohen Media, LLC; Mintech International, Inc.; and Rig Leasing, Inc. The Cohens then used the companies to solicit investments from approximately 1,000 investors by claiming the companies were both highly profitable and successful. Potential investors were also told that the companies were on the verge of “going public.”

In reality, however, the companies’ stock certificates were worthless. The Cohens also stole a significant portion of investors’ money to buy themselves fancy automobiles and luxury homes, and to fund their personal lifestyles.

Daniel Cohen pled guilty to 20 felony counts related to the investment scheme on April 22, 2010, including: 11 counts of mail fraud, two counts of causing victims to travel in relation to a fraud, five counts of money laundering, and two counts of conspiracy to evade tax laws. He had been in custody since July 2009. Cohen’s father pled guilty on May 3, 2010 to 26 felony counts of fraud, money laundering, making false statements to the Commodities Futures Trading Commission, and tax offenses. His sentencing is scheduled for later this month.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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