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by Mike Caswell

A federal judge in Boston has ordered the sale of the $6-million home of Joseph Padilla, the California man who pleaded guilty to charges arising from the Oncology Pharma Inc. manipulation. (All figures are in U.S. dollars.) Prosecutors had sought the sale of the 8,255-square-foot home to satisfy a $3-million asset forfeiture order. Mr. Padilla unsuccessfully argued against the sale, saying that the value of the home far exceeded the amount he owed.

The sale order comes as part of a case in which prosecutors cited Mr. Padilla for a scheme he ran in part through a Canadian brokerage. According to the government, he inflicted losses of at least $42.5-million on investors by manipulating Oncology Pharma, an OTC Markets listing that claimed to be developing cancer treatments. There was no trial, as Mr. Padilla pleaded guilty. On Nov. 2, 2023, the judge imposed a 5-1/2 year prison sentence, along with a $3-million forfeiture order.

The sale of Mr. Padilla's house is set out in a brief order entered on Nov. 19, 2024, in federal court in Boston. The order simply states that the house is to be sold, subject to the requirement that prosecutors must place any proceeds in excess of the $3-million forfeiture into an escrow account. The judge will determine the distribution of the money in a future decision.

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