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by Mike Caswell

A New York judge has imposed a five-year jail term on Ubong Uboh, a Florida man who defrauded seniors and others of $3.7-million in an OTC Markets scheme. (All figures are in U.S. dollars.) Prosecutors claimed that Mr. Uboh, 44, pitched investors ultimately worthless stocks, using aliases to phone investors around the country. The four stocks in the scheme included Evolution Technology Resources Inc. of Toronto.

The five-year jail term is contained in a judgment filed on Friday, Jan. 27, in federal court in New York. In addition to the five years in jail, the judge has ordered Mr. Uboh to serve three years of supervised release and to make restitution of $3.7-million after leaving prison (at the rate of $400 per month or 10 per cent of his income, whichever is greater). The judge also recommended that he be housed in a prison near his family in Miami and that he participate in mental health and substance abuse counselling.

The five-year jail term falls short of the 9-1/2 years prosecutors had sought, saying that a lengthy term was required to deter Mr. Uboh from future violations. His criminal record includes a 2006 conviction for a fraudulent cheque and a 2013 conviction for a $300,000 time share scheme. Moreover, he carried out the present fraud while on probation, the government said.

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