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by Mike Caswell

Robert Weidenbaum, one of the defendants in the CO2 Tech Ltd. market manipulation case, has pleaded guilty and agreed to forfeit $360,000 in gains from the scheme. (All figures are in U.S. dollars.) He entered the plea at a brief hearing before U.S. District Court Judge Jose Martinez on Tuesday, Dec. 13. In pleading guilty to one count of conspiracy to commit securities fraud, he acknowledged that he faces a maximum of five years in jail. His sentencing has been set for Feb. 21, 2012, in Miami. Until then he remains free on a $1-million appearance bond.

Federal prosecutors claim that he was part of a 2007 scheme to boost CO2 Tech with false claims about pollution control products, including one in which Boeing had purportedly taken an interest. Others charged in the scheme include recidivist securities violator Jonathan Curshen and former Pacific International Securities Inc. broker David Ricci (who only faces civil charges from the U.S. Securities and Exchange Commission). The men allegedly pumped CO2 Tech to $1.65 and obtained $7-million in illegal profits.

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