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Alias Born | 04/12/2001 |
Sunday, September 20, 2015 3:39:02 PM
And sadly, I doubt this case will result in civil litigation or prosecution. The SEC saw Jarvis's application to set up an ATS, realized it was ridiculous, and shut it down. That achieved their immediate object. Probably he won't try it again, unless he's even dumber than I think. But that doesn't mean he won't stop being a crook. Maybe this action will prompt state authorities to take a look at him, but I'm not holding my breath.
And I'm not convinced that any algo program would have picked up on AVLS. In this incarnation, at least, there was no sudden heavy volume and no spectacular rise (or fall) in stock price. In sum, not much happened. For once, the action was largely preventive. But somebody should have prevented Jarvis's predations, and attempted predations, years ago.
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