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SEC defendant Withrow facing 10-month sentence

2018-12-03 11:16 ET - Street Wire

Also Street Wire (U-EDVP) Endeavor Power Corp

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by Mike Caswell

Prosecutors in Boston have asked for a 10-month sentence for Edward Withrow III, the man charged alongside fugitive Vancouver resident Marco Babini for a pump-and-dump on the OTC Bulletin Board. They say that Mr. Withrow lied under oath about shares that Mr. Babini had set up in offshore accounts. A jail term is necessary to deter others from doing the same, the government says.

The request from prosecutors comes as part of a case in which the government charged Mr. Withrow and Mr. Babini for boosting a listing called Endeavor Power Corp. Prosecutors claimed that Mr. Withrow, who was the company's chairman, issued news releases in support of a fraud that included kickbacks, prearranged trades and paid tout sheets. Mr. Withrow did not go on trial, as he pleaded guilty to one count of making false statements. Prosecutors agreed to dismiss the remainder of the charges that he faced.

With Mr. Withrow's sentencing approaching, the government has submitted what it considers an appropriate jail term. In a memorandum filed on Thursday, Nov. 29, prosecutors have asked that the judge impose a 10-month term, to be divided evenly between prison and home confinement. In addition, they are asking that the judge impose 36 months of supervised release on Mr. Withrow.

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