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by Mike Caswell
Harris Dempsey "Butch" Ballow, charged alongside former B.C. newsletter writer Al Budai for a pink sheets scheme, has pleaded guilty. He entered the plea in an appearance on Friday, Feb. 2, before Texas Judge Ewing Werlein Jr. As part of the plea agreement, the government has agreed that it will withdraw charges against Mr. Ballow's wife, Robin.
The guilty plea comes as part of a case in which prosecutors claimed that Mr. Ballow sold millions of shares in two companies while living in Mexico as a fugitive. He used multiple aliases as he took control of the companies and hid his true identity, the government said. He then defrauded investors of millions, with the victims including a large Canadian contingent, according to prosecutors.
The plea comes with Mr. Ballow's Canadian co-accused, Mr. Budai, still wanted for his part in the scheme. Among other things, Mr. Budai touted one of the companies through a radio show, according to the government. Prosecutors obtained a warrant for his arrest in the case on Sept. 7, 2011, but have not yet executed that warrant. Mr. Budai was last known to be living in Mexico. He was not initially charged in the case, but was later added as a defendant.
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