MLK said: "Injustice Anywhere is a Threat to Justice Everywhere"

End Corruption in the Courts!

Court employee, judge or citizen - Report Corruption in any Court Today !! As of June 15, 2016, we've received over 142,500 tips...KEEP THEM COMING !! Email: CorruptCourts@gmail.com

Tuesday, April 27, 2010

Corrupt Ex-SEC Lawyer Gets 8 Years in Prison

Pump and Dump Number 2: Ex-SEC Lawyer Gets 8 Years in Prison
The Associated Press by Matthew Barakat - April 26, 2010

A former enforcement attorney for the Securities and Exchange Commission was sentenced Friday to eight years in prison for his role in a series of multimillion dollar pump-and-dump stock fraud schemes. Dallas-based attorney Phillip Offill Jr., 51, was convicted by a jury earlier this year on 10 counts of wire fraud and conspiracy. He testified that he was acting within the law, but the jury rejected his defense, and so too did U.S. District Judge Liam O'Grady. "Your testimony ... was an affront to justice," O'Grady told Offill at Friday's sentencing hearing. "It was one of the biggest packs of lies I've ever heard." Offill, who worked at the SEC for 15 years before taking a job at the Godwin Gruber law firm in Dallas, aided schemes that by conservative estimates cheated more than 1,500 investors out of at least $2.4 million. The fraudsters would pump up the value of dubious penny stocks and then sell the shares at inflated prices to unwitting buyers. Eight other coconspirators have already been convicted and sentenced in a case that has been under investigation for more than three years. Most of the illegal transactions took place in 2004.

The eight-year term imposed on Offill was one of the most severe. Prosecutor Ed Power said the tougher sentence was deserved because Offill lied on the witness stand and because his status as a respected attorney helped provide cover for the fraud. "If anyone knew that these actions were wrong, this defendant did," Power and prosecutor Patrick Stokes wrote in a sentencing memo. Prosecutors had wanted the judge to impose a sentence within federal guidelines, which called for 14 to 17 years. The defense asked for no more than three years. O'Grady said he would have imposed an even higher sentence except for the fact that many in the conspiracy received significantly lighter sentences after striking plea bargains. One leading participant, Las Vegas blackjack dealer-turned-securities lawyer David Stocker, was sentenced last month to less than three years in prison. Nobody received more than 10 years in prison and several were sentenced to only a few months. Some of the conspirators earned as much as $9.5 million in the scheme -- Stocker's profit was significantly less than that. Offill declined to speak at Friday's hearing. His attorney, federal public defender Kevin Brehm, said Offill will appeal the conviction. Offill was also ordered to pay about $30,000 in restitution to victims. In court Friday, prosecutors said that most of the identifiable victims of the scheme have already received restitution from other defendants, totaling several million dollars. It is highly unusual for victims of a fraud of this magnitude to receive full restitution, but in court papers prosecutors estimated that they were able to locate and verify only about 3,000 of the 24,000 investors who were ripped off by the various schemes.

4 comments:

Anonymous said...

Saint Andrew, Patron Saint of Crooked Lawyers and Judges laughs at the judge's,"It was one of the biggest packs of lies I've ever heard." Saint Andrew notes: in NY such prosecutions are as rare as hen's teeth. Saint Andrew reminds his beneficiaries that such lawyer freedom is not free and that gifts to his treasury can literally preserve their freedom for years to come.

Anonymous said...

An inside deal, the perfect crime with the help of a law license

Anonymous said...

A former enforcement attorney for the Securities and Exchange Commission was sentenced Friday

here were go again, if you know a crime is in progress there is no one to call.......

WE WANT A FEDERAL MONITOR AND PHONE NUMBER TO CALL!!!!!!!!!!

Anonymous said...

Only 8 years? What happen here? How many deals/cases did this sorry ass handle in total? Was there a COMPLETE investigation? NO WAY! The fix was in! The system is rigged! How much did this cost this sorry ass. Do hope that he gets his in the joint good and proper! Go Brothers!

Blog Archive

See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:


               Video of 1st Hearing on Court 'Ethics' Corruption
               The June 8, 2009 hearing is on two videos:
         
               CLICK HERE TO SEE Part 1
               CLICK HERE TO SEE Part 2