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[TheFutureForsure]

Justice Department Focused On Spoofing And Scalping In Ongoing Short Seller Probe

https://www.zerohedge.com/markets/justice-department-investigating-spoofing-and-scalping-wide-ranging-short-seller-probe

The U.S. Department of Justice reportedly "seized hardware, trading records and private communications" belonging to well-known activist short seller Carson Block last October, as part of a wide ranging investigation into short selling, the Wall Street Journal reported this morning.

The ongoing DOJ probe, which has been in the news over the last several months, is focused on whether short sellers conspired to drive down the price of stocks by sharing reports and engaging in illegal trading practices, including spoofing and scalping.

It had previously been reported earlier this month by Bloomberg that electronic devices belonging to Citron Research's Andrew Left had also been seized from his home in early 2021.

The investigation is "being led in part by the U.S. Attorney’s Office in Los Angeles, an office known for prosecuting organized crime rings," the Journal wrote.

Spoofing is the process of bluffing bids and offers on a certain security, which can create the false impression of buyers and sellers when there are none. It has been against the law since 2010 and, since 2020, the DOJ has charged 20 people with crimes related to spoofing.

The work of the DOJ is being helped along by Columbia Law School professor Joshua Mitts, who published an academic paper called "Short and Distort" wherein he critiqued the tactics of short sellers. He "has been advising" the DOJ in its investigation, the Journal reported

Hmmmmm SPOOFING = BLUFFING BIDS and has been against the law since 2010

This is getting more and more interesting everyday!

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