Former SEC lawyer convicted, jailed on securities fraud charges

Filed January 29th, 2010 joshua

A former lawyer for the Securities and Exchange Commission has been found guilty of conspiracy and wire and securities fraud.

U.S. authorities said Phillip Offill Jr. was convicted and immediately sent to prison following the verdict. He is scheduled for sentencing in April and faces a lengthy prison sentence.

Offill worked with a Phoenix lawyer, David Stocker, in a scam known as “pump and dump.” The pair inflated the value of securities in certain companies and then dumped the stock. They did the “pumping” through spam emails and misleading and deceptive press releases.

To further the deception, Offill and Stocker avoided stock registration requirements so they didn’t have to report the true financial condition of their securities.

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