Dallas Lawyer Charged in Alleged Scheme to Manipulate Stock Prices
A Dallas lawyer who once worked for the Securities and Exchange Commission has been indicted on charges of wire fraud and conspiracy in an alleged scheme to pump up the price of stocks.
Phillip W. Offill Jr. is accused of skirting securities requirements when he created 18 companies that engaged in sham transactions with each other that made their stock appear more valuable, the Dallas Morning News reports. The indictment also claims Offill made misleading statements about the stock of three companies in news releases, spam e-mails and mass faxes, according to the story.
Another lawyer, David Stocker of Phoenix, allegedly worked with Offill in the pump and dump schemes. Stocker pleaded guilty to a conspiracy charge in the case last Wednesday, according to the Morning News story.
The SEC also has enforcement cases pending against Offill in Michigan and Texas, according to Bloomberg News.
