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by Mike Caswell
Christopher Wheeler, operator of the OTCStockExchange.com tout site, has pleaded guilty to criminal tax charges, as expected. He entered the plea in an appearance before Judge David Larimer on Thursday, Aug. 14. The judge scheduled his sentencing for Oct. 28, 2014.
Prosecutors claim that Mr. Wheeler, a New York resident, did not file his taxes for three years during which he had gross income of $11.95-million. (All figures are in U.S. dollars.) During that same period he made $2.6-million in a pump-and-dump of four stocks, with most of the money coming from touting two Canadian pink sheets listings, according to the U.S. Securities and Exchange Commission. The SEC is separately seeking $3.69-million in civil sanctions.
The income tax charges are contained in a sparse criminal information sheet that prosecutors filed on April 14, 2014. They claimed that Mr. Wheeler willfully failed to file his returns for the years 2007, 2008 and 2009. The sheet contained few details, such as the source of the money. Mr. Wheeler initially pleaded not guilty to the charges, but prosecutors later said that they had reached an agreement in which he would plead guilty. At his Oct. 28 sentencing he faces a maximum of three years in jail and a fine of up to $75,000. He will likely receive some reduction for changing his plea.
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