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by Mike Caswell
Florida's Ubong Uboh has pleaded guilty to charges he faces in New York for a scheme with four stocks, including Evolution Technology Resources Inc. of Toronto. The government claimed that he and an associate inflicted $1.1-million in losses on investors, with most of them being seniors. (All figures are in U.S. dollars.) Victims included a man who bought $371,000 worth of Evolution Technology shares that were ultimately worthless.
Mr. Uboh entered the guilty plea in an appearance on Thursday, Aug. 4, before a federal judge in New York. The charges to which he pleaded guilty are conspiracy to commit securities fraud and conspiracy to commit mail and wire fraud. The plea comes after about one year of negotiations between prosecutors and Mr. Uboh's lawyer. It is not clear if Mr. Uboh negotiated any agreement on a sentencing recommendation, as his plea agreement is not public. In any event, it will be up to the judge to determine the length of any jail term.
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