Today, the Commission filed a complaint against
Jonathan R. Curshen, 46, a Sarasota, Florida resident who allegedly founded and led Red Sea Management Ltd., (“Red Sea”), a Costa Rican asset protection company that, according to the complaint, effected pump-and-dump schemes on behalf of its clients and laundered millions of dollars in trading proceeds out of the United States to its clients;
David C. Ricci, 39, and Ronny Morales Salazar, 39, of San Jose, Costa Rica, whom the complaint describes as Red Sea stock traders;
Ariav “Eric” Weinbaum, 37, and Yitzchak (or Izhack) Zigdon, 47, of Israel, allegedly two of Red Sea’s clients;
Robert L. Weidenbaum, 44, of Coral Gables, Florida, allegedly a stock promoter who operates a company called CLX & Associates, Inc.; and
Michael S. Krome, 49, a Lake Grove, New York lawyer, who allegedly wrote a fraudulent opinion letter for their respective roles in a fraudulent pump-and-dump scheme in the common stock of CO2 Tech Ltd. that was carried out from late 2006 through April 2007.
According to the complaint, the defendants’ coordinated misconduct enabled them to sell CO2 Tech stock at artificially inflated prices, resulting in profits of over $7 million. Defendant Ricci simultaneously offered to settle with the Commission in a consent submitted for the Court’s consideration.
SEC (Securities and Exchange Commission) lawyers specialize in navigating the complex regulatory landscape of securities law in the United States. These legal professionals play a crucial role in ensuring that companies comply with federal securities regulations, which are designed to protect investors and maintain the integrity of financial markets.
An SEC lawyer’s responsibilities include advising clients on matters related to securities offerings, mergers and acquisitions, corporate governance, and compliance with SEC rules. They also represent clients in investigations and enforcement actions brought by the SEC, where they defend against allegations of securities fraud, insider trading, and other violations.
Due to the high stakes involved, SEC lawyers must possess a deep understanding of financial regulations, as well as the ability to analyze and interpret complex legal documents. They often work with corporations, financial institutions, investment advisers, and public companies to ensure that all transactions and disclosures are in line with SEC requirements.
In addition to their advisory role, SEC lawyers are also involved in litigation, representing clients in court or in administrative proceedings. Their expertise is critical in helping businesses avoid costly penalties and reputational damage, making them indispensable in the financial and corporate sectors.