17:13:12 EST Mon 04 Mar 2024
Enter Symbol
or Name

Login ID:

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

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

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.

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

© 2024 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