Defendant Previously Convicted of Federal Fraud and Permanently Barred from Penny-Stock Transactions
A former securities attorney was sentenced today to six years in prison and ordered to pay $1.385 million in restitution to victims for his role in a conspiracy to defraud over 1,000 investors in a penny-stock scheme.
According to court documents, from at least November 2016 through October 2018, Phillip W. Offill, 64, of Dallas, and others conspired to misappropriate millions of shares of a publicly traded company, MCPI, using aliases and fake paperwork. The co-conspirators then fraudulently marketed MCPI shares to the public through call centers that made materially false statements to potential investors, including false claims that efforts were underway to list the stock on a national exchange. Employees at call centers also omitted material information, including the fact that the co-conspirators were paying large commissions to the callers to peddle the stock to victim investors. Offill and his co-conspirators also pumped up demand by manipulating the market so that MCPI stock appeared to be trading more actively than it actually was, and by causing the publication of false press releases regarding millions of dollars in funding that the co-conspirators knew would never come. As a result of the scheme, victim investors lost over $1.3 million.
“This serial offender defrauded over 1,000 investors, including many who entrusted him with their retirement funds and life...
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