This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Ubong Uboh, a Florida man who defrauded seniors and others of at least $3.7-million by pitching them ultimately worthless stocks, including a Toronto company, has asked a judge to sentence him to no more than 27 months in jail. Mr. Uboh says that others were largely behind the scheme, which involved calling potential investors and in some instances having them sell existing holdings. As he was "acting at the behest of more culpable parties," he should receive a lesser jail term, Mr. Uboh reasons.

The request from Mr. Uboh comes as part of a case in which prosecutors are seeking a jail term of up to 9-1/2 years in prison. They say that Mr. Uboh misled or lied to investors, using aliases as he called them to pitch four stocks, including Evolution Technology Resources Inc. of Toronto. There was no trial for Mr. Uboh, as he pleaded guilty to charges of conspiracy to commit securities fraud and conspiracy to commit mail and wire fraud.

The proposed 27-month jail term is contained in a letter to the judge that Mr. Uboh filed in federal court in New York on Wednesday, Jan. 18. The letter contains few details (and Mr. Uboh's full sentencing memorandum is not public), but it casts much of the blame on others. Mr. Uboh says that two associates masterminded the scheme. Those others, who are not named in the letter, became co-operating witnesses for the government, leaving Mr. Uboh's role "magnified by circumstances that have little relation to his actual role the offense," he complains.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS