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by Mike Caswell
Phillip Offill, a past violator and former Texas lawyer with many Canadian connections, has pleaded guilty to a criminal fraud charge in Virginia. Prosecutors said that Mr. Offill, 63, participated in a scheme to sell $1.3-million worth of improperly issued shares in a purported Arizona mining company. (All figures are in U.S. dollars.) He obtained the stock through forgery, deception and a fraudulent board resolution, the government said.
Mr. Offill entered his guilty plea in an appearance before a judge in Virginia on Monday, March 13. The charge to which he pleaded guilty is one count of conspiracy to commit securities fraud, which carries a maximum sentence of 25 years. His sentence will be determined by the judge, with prosecutors and defence lawyers to submit what they see as an appropriate term.
Prosecutors have indicated that they may recommend a lighter sentence, with their recommendation contingent on Mr. Offill "fully and truthfully" informing them of any criminal activity he knows of. It is not clear if prosecutors have any specific "activity" in mind, but they have set out a list of very specific conditions that Mr. Offill must satisfy. These include making himself available to testify against others and making himself available for debriefing. He must also submit to polygraph examinations, should the government request them.
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SiVB $18 trillion investor money gone, gone gone without any disclosures in news releases, happened in 2 days under the SEC nose-- if your cheap lawyer can't get you off a SEC prosecution, they are an idiot or simpleton dimwit.