U.S. charges two New Jersey traders over $26 million scheme

Reuters News
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Posted: Dec 12, 2016 1:15 PM

WASHINGTON (Reuters) - U.S. authorities have charged two financial traders in New Jersey over a stock manipulating scheme that netted the pair more than $26 million, the U.S. Securities and Exchange Commission and the state's U.S. Attorney said on Monday.

Joseph Taub, 37, and Elazar Shmalo, 21, were arrested and "charged with orchestrating a massive, long-running market manipulation scheme," that resulted in the millions in illegal profits between 2014 and 2015, U.S. Attorney Paul Fishman said.

(Reporting by Susan Heavey and Nate Raymond; Editing by Chizu Nomiyama)