A 38-year-old man who defrauded investors of more than $1.2 million was sentenced to two years in prison by a U.S. District Court judge in Boston this week, prosecutors announced.
Jose Rocha, of Bridgewater, pleaded guilty to one count of securities fraud in September 2023, acting U.S. Attorney for Massachusetts Joshua S. Levy’s office said in a statement.
Rocha will also serve three years of supervised release, and was ordered to pay nearly $775,000 in restitution.
Between 2020 and 2022, Rocha presented himself as a successful investor in publicly traded securities like stocks and stock options and promised to manage investor money in exchange for a share of the returns.
During that period, Rocha received investments from individuals in Massachusetts totaling more than $1.2 million, according to the statement.
After securing the money, Rocha used some of the funds to pay out purported returns to other investors, and to pay for vacations and to gamble at casinos, Levy’s office said.
The Securities and Exchange Commission filed a civil complaint against Rocha in August 2023. As part of his guilty plea, Rocha entered into a settlement with the SEC, according to Levy’s office.
