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SEC defendant Offill makes his sentencing pitch

2023-07-11 20:45 ET - Street Wire

Also Street Wire (U-MCPI) Mansfield-Martin Exploration Mining Inc

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by Mike Caswell

Phillip Offill, a former Texas securities lawyer who pleaded guilty to charges arising from the "wholly fraudulent" sale of $1.3-million worth of stock on the OTC Markets, has asked the judge to impose a term of no more than 3-1/2 years. (All figures are in U.S. dollars.) He says that others had far more to do with the scheme than he did. Despite that, most of the scheme's participants were never charged, he complains.

Mr. Offill, who has many Canadian connections in his past, is awaiting sentencing for a scheme with Mansfield-Martin Exploration Mining Inc., a mining listing on the OTC Markets. Prosecutors in Virginia said that he and an associate obtained shares of the company through forgery, deception and a fraudulent board resolution, and then sold those shares on the market. The government is seeking an eight-year jail term for Mr. Offill, based in part on his prior criminal record. In particular, prosecutors cited a 2010 conviction that Mr. Offill received for helping insiders of nine companies obtain illegally issued stock, which they then used in pump-and-dumps.

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