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 documents filed in this case and statements made in court:
From 2014 to 2016, Taub and others conspired to manipulate the securities prices of numerous public companies by coordinating trading in dozens of brokerage accounts he secretly controlled. Taub used straw accounts that were held in the names of others to conduct much of his trading. Taub funded many of these straw accounts and used the st
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A securities trader from Clifton was sentenced Tuesday to 18 months in federal prison for orchestrating a market manipulation scheme that netted him and others more than $17 million, authorities said.
Joseph Taub, 41, must serve the entire term because there’s no parole in the federal prison system.
U.S. District Judge John Michael Vazquez also sentenced Taub via teleconference from Newark to one year of supervised release, while ordering him to forfeit $17.1 million and pay restitution of $394,424 to the IRS.
The Department of Justice also has reached a settlement of a civil forfeiture case against assets acquired by Taub and his family as a result of the scheme, U.S. Attorney Craig Carpenito said.