14:29:50 EDT Thu 28 Oct 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC defendant Tobin ordered to forfeit $4M (U.S.)

2019-06-07 10:27 ET - Street Wire

Also Street Wire (U-CURR) Cure Pharmaceutical Holding Corp
Also Street Wire (U-EPTI) Environmental Packaging Technologies Inc

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

A U.S. federal judge in Boston has ordered former Toronto broker Morrie Tobin to forfeit $4-million for his part in a $3.6-million market manipulation. (All figures are in U.S. dollars.) Prosecutors said that Mr. Tobin was part of a scheme to boost two OTC Markets listings with paid promotional campaigns while secretly selling hundreds of thousands of shares. He and others carried out a "massive dump of shares," with the scheme including since-arrested U.K. citizen Roger "Rocket" Knox.

The $4-million forfeiture for Mr. Tobin is contained in an order handed down in Boston on Wednesday, June 5. It comes six months after Mr. Tobin agreed to plead guilty to charges stemming from the scheme. He must pay the money before his sentencing, which he previously indicated he was prepared to do using assets in Canada.

The payment by Mr. Tobin will be in addition to any jail time that he receives for the scheme. The charges to which he pleaded guilty are one count of securities fraud and one count of conspiracy to commit securities fraud, with the securities fraud charge carrying a maximum term of 20 years. It is very unlikely that he will receive a sentence anywhere near that length, however, as prosecutors have agreed to recommend a term at the lower end of what would be appropriate.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2021 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed