![]() ![]() Offill was convicted of securities fraud and other crimes in 2010, for which he was sentenced to 96 months in prison. ![]() The complaint alleges that Offill and Herman then directed the sale of the microcap company's stock into the market, in return for more than $1.3 million in trading proceeds, which Offill and Herman shared. According to the complaint, the stock that defendants misappropriated belonged to the former controlling shareholder of the microcap company, who never authorized any of the transactions. Over the next year, Offill and Herman allegedly fabricated a series of fraudulent documents, agreements, and transactions to cause the issuance and transfer of millions of shares of stock to Herman and an associate for the purpose of selling them to the public. The SEC's complaint alleges that, within months of being released from federal prison on a previous penny stock fraud conviction, Offill (using the alias "Jim Jimerson") started a new penny stock scheme to misappropriate millions of shares of a publicly-traded microcap company. Herman with misappropriating and selling millions of shares of a penny stock company using forged documents and sham transactions. The Securities and Exchange Commission today charged securities fraud recidivist Phillip W. ![]()
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