Court Affirms Phillip Offill Conviction In Pump And Dump Schemes
The Fourth Circuit Court of Appeals upheld a former Securities and Exchange Commission attorney’s stock fraud conviction on Tuesday, rejecting arguments that evidence was improperly admitted during the trial. The attorney, Phillip Offill, Jr., is considering an appeal to the U.S. Supreme Court. Offill advised David Stocker, a securities lawyer who represented penny stock companies, on how to issue stock without completing the securities registration process. The plan involved coordinating trades to drive up the market price of the stocks before “dumping their shares on the public for millions of dollars in profits,” according to Thomson Reuters News and Insight....