Ex-SEC lawyer gets 8 years for pump-and-dump fraud
Headline Legal News
A former enforcement attorney for the Securities and Exchange Commission was sentenced Friday to eight years in prison for his role in a 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 pack 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.
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Nicholas C. Minshew - Minshew & Ahluwalia LLP
Nicholas C. Minshew, Attorney at Law, concentrates his practice in the area of Family Law including divorce, separation, child support, child custody, alimony, division of property, separation agreements, domestic violence, prenuptial agreements, and child support enforcement & modification. Mr. Minshew provides legal services to clients in Washington, D.C., and throughout Maryland, including Montgomery County, Frederick County, and Prince George’s County. Mr. Minshew obtained his Juris Doctorate degree from the American University, Washington College of Law in 2000, where he worked as an editor for the Administrative Law Review. After receiving his law degree, Mr. Minshew worked as an attorney for the global law firm of Morgan, Lewis & Bockius LLP, and for Leonard Street & Deinard LLP representing companies in Federal proceedings. During that time, Mr. Minshew redirected his focus to provide legal services directly to individuals and families.