According to DoJ, James Roland Jones, a/k/a ‘MillionaireMike’ (33, Hermosa Beach, CA), has pleaded guilty to conspiracy to commit securities fraud. Jones faces a maximum penalty of five years in federal prison. A sentencing date has not yet been set.
According to the plea agreement, from 2016 until at least 2017, Jones conspired with another to commit securities fraud. Jones, using the moniker ‘MillionaireMike,’ purchased personally identifiable information (PII) on the dark web, including names, addresses, dates of birth, and social security numbers. He used this information, in part, to open and/or operate accounts for the purpose of conducting financial transactions based on material, non-public information related to publicly traded securities, more commonly known as ‘insider information.’ (Sources: U.S. Department of Justice, U.S. Securities and Exchange Commission)