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SEC defendant Babini pleads not guilty in Boston

2023-07-12 19:59 ET - Street Wire

Also Street Wire (U-EDVP) Endeavor Power Corp

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by Mike Caswell

Vancouver's Marco Babini has pleaded not guilty to criminal fraud charges that he faces in Boston for a planned manipulation of a supposed biotech listing. Prosecutors accused him and others of arranging kickbacks, paid tout sheets and manipulative trading as part of a scheme he and others planned in 2012. The scheme came to an end after the men included an undercover FBI agent in their plans.

Mr. Babini entered the plea in an appearance before Magistrate Judge Jennifer Boal on Wednesday, July 12, in federal court in Boston. The court appearance came just days after Mr. Babini arrived in U.S. custody, the U.S. Marshals Service having escorted him from Canada on July 7. Judge Boal ordered Mr. Babini held in custody while she decides if he can be released on bond.

Prosecutors are opposed to Mr. Babini's release, and filed a memorandum ahead of Wednesday's hearing requesting that the judge keep him imprisoned until trial. They say that he represents a flight risk, as the government had to spend five years extraditing him from Canada. They also say the case against him is strong, with the evidence including audio recordings in which Mr. Babini set up prearranged trades with an undercover FBI agent.

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