Fla. man admits role in $20M N.J. stock scheme

Federal prosecutors in New Jersey say a Florida man has admitted his role in a $20 million stock fraud and money laundering scheme. Gary Brown pleaded guilty Thursday to a one-count complaint that charged him with conspiracy to commit securities fraud, wire fraud and money laundering, and agreed to forfeit approximately $650,000. The 61-year-old Sarasota man faces up to five years in prison when he's sentenced in May. Brown admitted that from May 2002 through October 2005, he helped operate a sophisticated scheme that involved more than five coconspirators. Prosecutors say the group used deceptive and manipulative practices in issuing, buying and reselling shares of stock of a publicly traded company to defraud more than 50 victims.