08:18:02 EST Sat 09 Nov 2024
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

SEC defendant Patel looks to avoid jail

2024-01-22 21:04 ET - Street Wire

See Street Wire (U-*SEC) U S Securities and Exchange Commission

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

Ashmit Patel, an Ontario lawyer who pleaded guilty to charges in the United States for an OTC Markets pump-and-dump, has asked the judge to spare him jail. He says that he became involved in the scheme because of the "negative influence of people he trusted" and says that he will be "more selective with the people he surrounds himself with." He also points out that he has no criminal record and claims that he was a minor participant in the pump-and-dump.

The request from Mr. Patel, 39, comes as part of a case in which federal prosecutors cited him for a scheme with VMS Rehab Systems Inc., a supposed maker of specialty seat cushions. He was part of a group that boosted VMS and other listings with claims like "this stock could catapult by up to 155%." As those claims were going out, the group was secretly dumping millions of shares, some through unregistered offshore sales, according to prosecutors. Mr. Patel unloaded $1.1-million worth of stock during the scheme, according to the government. (All figures are in U.S. dollars.)

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.


meanwhile in BC, a lawyer who sat on settingup the law for divorce law, broke the law, and a now judge represented him instead of having him arrested, and what that make the judge?

Posted by oh at 2024-01-24 09:31