Former SEC Lawyer Fights SEC Suit

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The SEC filed a civil complaint against a former SEC lawyer in the U.S. District Court for the Eastern District of Michigan earlier this month, alleging that Phillip Offill Jr. controlled investment companies that made "sham" purchases of penny stock to help a Canadian-owned company avoid registration requirements with the SEC. Offill, who says he has not yet been served with the SEC's complaint nor hired a lawyer to defend himself, says, "I don't think I have anything to hide."

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