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SEC charges Uboh, Crockett over $1.1M (U.S.) scheme

2021-04-20 20:57 ET - Street Wire

Also Street Wire (U-ETKR) Evolution Technology Resources Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has filed charges against two men over a Florida call room that touted four stocks, including Evolution Technology Resources Inc. of Toronto. The SEC claims that the men were part of a scheme that inflicted losses of $1.1-million on investors, mainly senior citizens. (All figures are in U.S. dollars.) Victims included a man who bought $371,000 worth of Evolution Technology shares that were ultimately worthless, the SEC says.

The allegations are contained in a civil complaint that the SEC released on Tuesday, April 20, in federal court in New York. The defendants are Ubong Uboh, 41, a Florida man accused of using several aliases during the scheme (with those aliases being Nedi Shupo, Frank Goldman and Jonathan Goldman). Also charged is Tyler Crockett, 31, of Fairfax, Va. (who operated under the aliases Dan Gibson and Dave Carroll).

The SEC cites the men for pitching shares of Evolution Technology and three other stocks through a call room in Florida, with the scheme running for about two years. The men concealed their identities through the aforementioned aliases and by using prepaid cellphones, which they regularly changed out, according to the complaint. For their part in the scheme, Mr. Uboh and Mr. Crockett realized $341,898 and $203,481, the SEC claims. Meanwhile, investors lost $1.1-million, according to the complaint.

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Life with no chance of parole. Think that might send a message.

Posted by mrhappyone at 2021-04-21 15:19