Securities Trader Pleads Guilty To $17M Market Manipulation

Law360 (July 28, 2020, 4:41 PM EDT) -- A securities trader pled guilty in New Jersey federal court Tuesday to securities fraud and conspiracy to defraud the United States, admitting to orchestrating a long-running market manipulation and tax fraud scheme that netted more than $17 million in illegal profits, federal prosecutors say.

Along with his guilty plea, New Jersey resident Joseph Taub agreed to serve an 18-month prison sentence, forfeit $17.1 million, and pay $394,424 in restitution to the Internal Revenue Service, according to U.S. Attorney Craig Carpenito. 

Taub and his family members also agreed to forfeit the assets acquired by the stock market manipulation scheme.

Authorities say Taub, 41, and...

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