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by Mike Caswell

The U.S. Securities and Exchange Commission has won a permanent ban against Ubong Uboh, a Florida man charged with a scheme that included Evolution Technology Resources Inc. of Toronto. The government claimed that he and a co-defendant inflicted $1.1-million in losses on investors through a boiler room operation that targeted many seniors. (All figures are in U.S. dollars.) Mr. Uboh, who used aliases such as Jonathan Goldman, pitched investors Evolution Technology and the three other companies, with one investor buying $371,000 worth of ultimately worthless shares.

The ban for Mr. Uboh is contained in a proposed judgment filed in federal court in New York on Friday, Jan. 6. The judgment permanently bars him from penny stocks and includes an injunction against future violations. The judgment also includes provisions for a fine and disgorgement of Mr. Uboh's gains, with the judge to determine the amounts. The sanctions, should the judge grant them, will come without a trial, as Mr. Uboh settled the case out of court.

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