Joseph Taub and Elazar Shmalo – Trading Fraud
Joseph Taub and Elazar Shmalo, 2 New Jersey Traders, Allegedly Engaged in a $26 Million Trading Scam
Joseph Taub and Elazar Shmalo, of New Jersey, allegedly took part in a $26 million trading scam when by involving multiple accounts at various brokerage houses in order to artificially manipulate stock prices, according to Documents from the SEC.
Joseph Taub and Elazar Shmalo allegedly finagled 23,000 trades, just in 2014 and 2015 alone, by purportedly selling identically lightly traded stocks at the same time on the same day, said SEC reports note.
Joseph Taub and Elazar Shmalo Allegedly Controlled up to 80% of the Volume of Their Intended Stock and Made Trades in Several Different Accounts at the Same Time
Joseph Taub and Elazar Shmalo allegedly made subtle so-called “trade manipulations” when they traded the same stock in several different accounts at the same time, according to the aforementioned SEC Documents.
Taub and Shmalo also allegedly controlled a minimum of 80% of the trading volume in the targeted stocks, the SEC reports.
The SEC did not identify the stocks, but only stated that they trade on the NASDAQ or NYSE, the SEC reports.
Furthermore, the SEC also purportedly filed a civil-fraud lawsuit while the FBI issued a Complaint with conspiracy to commit securities fraud, according to reports from New Jersey.
The Peiffer Wolf Securities Lawyers Often Assist Investors
The Peiffer Wolf securities lawyers assist investors who lose money as a result of unsuitable trading. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of unsuitable trading schemes are encouraged to contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at email@example.com or firstname.lastname@example.org.