Run Based Manipulation News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Newark, NJ - A New Jersey-based securities trader was sentenced today to 18 months in prison for orchestrating a massive, long-running market manipulation scheme and tax fraud that netted more than $17 million in illegal profits between 2014 and 2016. Joseph Taub, of Clifton, New Jersey, previously pleaded guilty before U.S. District Judge John Michael Vazquez in Newark federal court to counts four and five of a superseding indictment charging him with securities fraud and conspiracy to defraud the United States. Judge Vazquez imposed the sentence by videoconference today. According to docume...

Taub dodged nearly $400,000 in taxes and falsely influenced the market through trading dozens of "straw accounts" he secretly owned to manipulate the securities prices of multiple public companies. The scheme was in operation from 2014 to 2016.  Despite being held under different names, Taub funded these accounts himself in an effort to keep his scheme a secret from law enforcement and regulators. By trading with these accounts, Taub artificially influenced the market price of affected securities, causing others to trade them, thinking they had actual value, using Run Based Manipulation and ...