UPI reported on May 3 that the nine individuals all represented leading companies which provided services related to offshore accounts and the trading of stocks. It is alleged, however, that amidst the trading of some of those stocks, some of the participants took control of the outstanding shares.
The stock fraud, according to court documents, occurred when the various defendants concealed the true financial status and business operations of a particular stock by way of evading the various requirements for registration.
Charged with one count of conspiracy to commit securities fraud, wire fraud and mail fraud were Timothy Barham Jr. of Henderson, Tennessee; Nathan Montgomery of Henderson, Nevada; and Ryan Reynolds of Dallas.
Six others were also charged in the alleged stock fraud scheme: Jonathan Randall Curshen of Sarasota; Michael Simon Krome of Long Island; Ronald Salazar Morales, also known as "Ronny Salazar" of Costa Rica; and Robert Lloyd Weidenbaum of Miami. Defendants Eric Ariav Weinbaum and Izhack Zigdon both hailed from Israel.
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An environment that combines a skilled and knowledgeable stockbroker with an investor less aware of the intricacies and complexities of the stock market is ripe for potential stockbroker fraud. Victims will often put their complete trust in a stockbroker, only to wind up having to hire a stock broker fraud lawyer after such a trustful relationship goes horribly wrong.
Even more tragic is the realization that many investors are looking to the stock market to fund a large share of their future retirement income. Stock broker investment fraud often dashes any hopes of a comfortable retirement, given the loss of time needed to compound an investment back to its former level.