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SEC target Zigdon denies wrongdoing

2011-06-09 13:59 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-CTTD) CO2 Tech Ltd

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by Mike Caswell

Yitzchak Zigdon, a defendant in the U.S. Securities and Exchange Commission's CO2 Tech Ltd. pump-and-dump case, denies any wrongdoing. The SEC claimed that he and others, including former Pacific International Securities Inc. broker David Ricci, manipulated CO2 to $1.65 and dumped $7-million worth of stock. (All figures are in U.S. dollars.)

Mr. Zigdon's response to the charges, filed on Monday, June 6, contains no details of his version of events. He simply states, in response to nearly every paragraph of the original complaint, that he "denies having knowledge of the allegations ... and therefore denies the same." He asks for a trial by jury.

The SEC claims that Mr. Zigdon, an Israeli accountant, helped organize CO2 Tech, a sham company trading on the pink sheets that had no significant assets or operations. He and his business partner, Ariav Weinbaum, hired stock promoters and traders who manipulated the company through misleading news and wash trades, the SEC said. They then sold their stock into the promotion, and had the proceeds wired to accounts in Israel and Switzerland. One of the promoters they hired was recidivist securities violator Jonathan Curshen, who ran the promotion through a private Costa Rican entity he controls called Red Sea Management Ltd., according to the SEC.

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