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SEC defendant Uboh facing 9-1/2 years in jail

2023-01-16 20:52 ET - Street Wire

Also Street Wire (U-ETKR) Evolution Technology Resources Inc

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by Mike Caswell

New York prosecutors have asked a judge to impose a jail term of up to 9-1/2 years on Ubong Uboh, a Florida man who defrauded seniors and others of at least $3.7-million by pitching them ultimately worthless stocks. (All figures are in U.S. dollars.) A lengthy term is necessary to deter Mr. Uboh, who carried out the scheme while on probation for a prior fraud, the government says. His actions demonstrate what prosecutors describe as a "complete lack of respect for the law."

The request from prosecutors stems from Mr. Uboh's promotion of Evolution Technology Resources Inc. of Toronto and three other stocks. The government said that he and another man used aliases as they phoned investors around the country, lying or misleading them about the prospects for those companies. Mr. Uboh did not contest the charges, pleading guilty to charges of conspiracy to commit securities fraud and conspiracy to commit mail and wire fraud.

With his guilty plea, the only matter remaining for the judge is to fashion an appropriate sentence for Mr. Uboh. To that end, prosecutors have written a letter to the judge, dated Jan. 13, 2023, in which they have requested a jail term of between 92 and 115 months (or one lasting 7-1/2 years to 9-1/2 years). They say that a jail term of some length is necessary, as prior sentences have done nothing to deter Mr. Uboh.

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