02:05:04 EST Sun 03 Dec 2023
Enter Symbol
or Name

Login ID:

SEC defendant Padilla pleads guilty in Boston

2023-08-17 20:45 ET - Street Wire

Also Street Wire (U-ONPH) Oncology Pharma 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

California resident Joseph Padilla has pleaded guilty to criminal charges he faces in Boston for a scheme to manipulate Oncology Pharma Inc., an OTC Markets company that claimed to be developing cancer treatments. The government said that Mr. Padilla ran the scheme in part through a Canadian brokerage, depositing and selling millions of shares there. In all, the scheme generated at least $100-million in gains, the government claimed. (All figures are in U.S. dollars.)

Mr. Padilla, 54, entered the guilty plea in an appearance on Thursday, Aug. 17, before a federal judge in Boston. The charges to which he pleaded guilty are securities fraud and conspiracy to commit securities fraud, along with a count related to an improper identification document. Prosecutors have agreed to recommend a sentence of 5-1/2 years.

The guilty plea comes with Mr. Padilla already in jail, the judge having previously ordered him detained. According to prosecutors, he attempted to acquire a fraudulent passport in August, 2022, after his arrest. At the time, he was free on a $1-million bond and awaiting trial. Prosecutors said that he paid $15,000 in cryptocurrency and sent passport pictures of himself. He also sent a fake name and false age.

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

© 2023 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.