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SEC defendant Sodi a flight risk, gov't says

2018-04-16 10:23 ET - Street Wire

See Street Wire (U-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

Prosecutors in Alabama have asked that a judge keep an ankle bracelet on Brian Robert Sodi, the Florida stock tout also known as the "Mailman." They say that Mr. Sodi represents a substantial flight risk. He faces a lengthy prison term, owns a beach house in Nicaragua and has the financial means to pay for illegal transport out of the country.

The request comes as part of a case in which prosecutors claim that Mr. Sodi and an as-yet unidentified Canadian boosted two OTC Markets companies with misleading mass mail campaigns. According to the government, the mailers failed to disclose that Mr. Sodi was part of a group that controlled nearly all the shares of the companies. The mailers also did not disclose that he intended to sell hundreds of thousands of shares into the volume he was creating, prosecutors say.

Agents arrested Mr. Sodi on Thursday, March 8, 2018, at his home in Boca Raton. After a brief detainment, a judge released him on conditions that included a $250,000 surety bond and the surrender of his passport. (All figures are in U.S. dollars.) The judge also ordered geolocation monitoring, which involves an ankle bracelet that reports his position.

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