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SEC Charges 18 Traders in $31 Million Stock

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NoMoDo Member Level  Wednesday, 10/16/19 09:31:38 PM
Re: Drugdoctor post# 312801
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Quote:
SEC Charges 18 Traders in $31 Million Stock Manipulation Scheme

The SEC alleges that the traders, who are primarily based in China, manipulated the prices of thousands of thinly traded securities by creating the false appearance of trading interest and activity in those stocks, thereby enabling them to reap illicit profits by artificially boosting or depressing stock prices. For example, according to the SEC's complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After accumulating their position, the traders then flipped the script and placed several small buy orders to push up prices so they could then sell their stock at artificially high prices.

Small sell orders could be considered manipulation? Uh Oh. Someone alert the SEC that GRDO is being manipulated. I bet it ain't a Chinese group here tho.

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