Penny Stock Fraud Info
Attorney Phillip W. Offill (Consolidated Sports Media Group) license suspension
State Bar suspends lawyer Phillip W. Offill Jr.
Dallas attorney Phillip W. Offill Jr.’s law license has been suspended for conduct involving destruction or concealment of client files and concealing conflicts of interest.
Offill, 49, is prohibited from practicing law in Texas for three years, beginning May 1, and will be on probated suspension for two additional years. At the time of the conduct giving rise to the disbarment proceedings, Offill was a partner at Godwin Gruber LLP.
The Commission for Lawyer Discipline determined that Offill had violated rules of professional conduct by sending away a client’s original documents to eventually arrive at a trash dumpster, instead of giving the documents to the client as requested. The panel also found Offill had actual and potential conflicts of interest, which he misrepresented or failed to acknowledge.
Offill had been hired by Consolidated Sports Media Group to assist in raising capital and provide services to commence public trading of shares of Consolidated stock, which he had recommended as part of a general plan for fundraising.
A “blast fax” touting the company’s stock investment potential was published by one of Offill’s other clients and resulted in a lawsuit against Consolidated. The company terminated Offill in April of 2005 and demanded the return of all Consolidated files and corporate documents. Other demands for complete corporate records followed.
On the same day the lawsuit was filed in August 2005, Offill directed that certain original corporate documents belonging to Consolidated be sent to a friend and non-lawyer business associate of Offill’s in Kemp, Texas, where they were later discovered in a trash dumpster. The files found in the dumpster contained previously undisclosed, back-dated original documents that had served as the purported legal basis for unrestricted trading of Consolidated stock. The panel found that Offill either intended that the documents be concealed or destroyed, according to The State Bar of Texas.
Offill also has been ordered to pay to the State Bar of Texas $87,300 in attorney fees and expenses involved in the prosecution of the case.
Too little, too late.
It’s become rather obvious that the SEC doesn’t just ignore penny stock fraud, but failed on ALL levels. Is there any department in the US governments that’s not corrupt?
It’ll be up to you to design and implement a better system with a true democracy after America hit bottom. You might want to sign up for the Common Good Bank as future depositor or investor. You won’t get rich overnight, but you also won’t get ripped off.
