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by Mike Caswell

Boston prosecutors have requested a jail term of 5-1/2 years for Joseph Padilla, a former broker who pleaded guilty to criminal charges for a scheme to manipulate Oncology Pharma Inc., an OTC Markets company that claimed to be developing cancer treatments. Prosecutors say that Mr. Padilla's scheme, run in part through a Canadian brokerage, inflicted losses of at least $42.5-million on investors. (All figures are in U.S. dollars.) He ran a global operation that included banking in Russia and nominees in Mexico, all designed to provide "insulation and protection from U.S. law enforcement," prosecutors contend.

The proposed sentence for Mr. Padilla is contained in a memorandum that prosecutors filed in federal court in Boston on Wednesday, Oct. 25. In addition to the 5-1/2-year jail term, the government is seeking 24 months of supervised release and a $3-million forfeiture order. On top of that, prosecutors are asking for a restitution order, in an amount to be determined.

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