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CO2 Tech's Curshen loses bid for new trial

2012-03-22 14:04 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission

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by Mike Caswell

Recidivist securities violator Jonathan Curshen, 47, has lost his bid for an acquittal or a new trial in the CO2 Tech Ltd. pump-and-dump case. He had argued that prosecutors did not present sufficient evidence to link him with a conspiracy to manipulate the stock, and that the jury was tainted by unreliable evidence. The judge, however, has sided with the prosecutors, who contended that Mr. Curshen was well aware of the manipulation. Testimony at trial showed that he discussed details of the scheme during a meeting in Vancouver, and was carefully monitoring employees who were carrying out trades as part of the manipulation.

The loss is contained in an order handed down on Tuesday, March 20, by Miami Judge Richard Goldberg, who also presided over an 11-day trial against Mr. Curshen and others. The judge did not provide his reasons for denying the motion, simply issuing a one-page decision.

During the trial, prosecutors argued that Mr. Curshen and the others conspired to dump $7-million worth of CO2 Tech shares after the company claimed to have a relationship with Boeing. (All figures are in U.S. dollars.) The jury convicted Mr. Curshen of the charges on Jan. 31, 2012, and he awaits sentencing.

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