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SEC defendant Jaclin avoids jail for shell scheme

2020-07-02 19:57 ET - Street Wire

Also Street Wire (U-BFLD) Broadcast Live Digital Corp

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by Mike Caswell

New Jersey penny stock lawyer Gregg Jaclin has avoided jail for helping with a $2.25-million scheme that produced nine shells, including a listing that became Toronto's Broadcast Live Digital Corp. (All figures are in U.S. dollars.) A judge in California has sentenced him to three years of probation, including three months of home confinement, for his part in the scheme. Among other things, Mr. Jaclin prepared fraudulent legal opinion letters and regulatory filings, prosecutors said.

Mr. Jaclin received the probationary sentence in a judgment handed down on June 29, 2020, in San Francisco. For the first three months of his probation, he will be subject to location monitoring and must obey a curfew, to be determined by a probation officer. On top of that, he must not work as a lawyer while under supervision. Other terms of sentencing are more standard, including submitting a DNA sample and allowing a probation officer to search his home, office or electronic devices to ensure compliance with the terms of his probation.

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