04.24.10

Ex-SEC lawyer gets 8 years for pump-and-dump fraud

Posted in Fraud, Microcap at 1:54 pm by Michael Goode

See the full article from  the AP.

A former enforcement attorney for the Securities and Exchange Commission was sentenced Friday to eight years in prison for his role in a a series of multimillion dollar pump-and-dump stock fraud schemes.Dallas-based attorney Phillip Offill Jr., 51, was convicted by a jury earlier this year on 10 counts of wire fraud and conspiracy. He testified that he was acting within the law, but the jury rejected his defense, and so too did U.S. District Judge Liam O’Grady.

“Your testimony … was an affront to justice,” O’Grady told Offill at Friday’s sentencing hearing. “It was one of the biggest pack of lies I’ve ever heard.”

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