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SEC defendant Tobin remains a free man

2020-11-20 21:02 ET - Street Wire

Also Street Wire (U-EPTI) Environmental Packaging Technologies Inc

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by Mike Caswell

It appears that Morrie Tobin, the former Toronto broker sentenced to one year in a U.S. jail for a $3.6-million pump-and-dump scheme, will not begin serving his sentence until the better part of a year has gone by. (All figures are in U.S. dollars.) Mr. Tobin and prosecutors have asked that the judge delay his surrender to the Bureau of Prisons until March 21, 2021, a date that would be over seven months after the judge first imposed the sentence. They partly cite COVID-19, but much of the request is redacted.

The sentence stems from a scheme in which Mr. Tobin, 57, ran the pump-and-dump of two companies, including Environmental Packaging Technologies Holdings Inc., an OTC Markets listing that went to $2.25 in 2017. He set himself up with a control position in the stock, dumping hundreds of thousands of shares during a paid promotional campaign. There was no trial for Mr. Tobin, as he pleaded guilty to charges of securities fraud and conspiracy to commit securities fraud. On Aug. 12, 2020, the judge sentenced him to one year in jail, but did not order him to report to prison immediately.

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