Man admits to securities scheme that netted more than $17M

NEWARK, N.J. (AP) — A New Jersey-based securities trader has admitted orchestrating a massive, long-running market manipulation scheme and tax fraud that netted more than $17 million in illegal profits. Federal prosecutors say 41-year-old Joseph Taub, of Clifton, pleaded guilty to two counts in an indictment charging him with securities fraud and conspiracy to defraud the United States. The scheme was operated 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’s plea bargain  plea bargain calls for him to receive an 18-month prison term when he’s sentenced Dec. 1.