Herman, North Dakota, Penny Stock Fraud Scheme, Phillip W Offill Jr.Meteorologists look for patterns where none might exist in attempting to predict the weather. The SEC’s litigation is being conducted by Nikolay V.Werner of the SEC’s Fort Worth Regional Office The SEC’s investigation was conducted by:
The SEC seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and a penny stock bar against Herman. The SEC’s complaint, filed in the United States District Court for the Northern District of Texas, charges the defendants with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and (c) thereunder and Sections 17(a)(1) and (a)(3) of the Securities Act of 1933. In addition, the SEC previously charged Offill with securities registration violations for his roles in two other microcap frauds, where it obtained penny stock bars and other relief against him. 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 the 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. Herman, 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. The SEC’s complaint alleges that Phillip W. Herman with misappropriating and selling millions of shares of a penny stock company using forged documents and sham transactions. Washington, DC ( STL.News) The Securities and Exchange Commission ( SEC) today charged securities fraud recidivist Phillip W. Herman in Penny Stock Fraud Scheme Securities and Exchange Commission v.
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