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Susquehanna has had a bad rep for ages...

The two examples below only scratch the surface:

Biotech Company Says Citadel, Other Big Traders Manipulated Its Stock Price
The Wall Street Journal

December 1, 2022

In a new lawsuit, Northwest Biotherapeutics accuses market makers of illicit ‘spoofing’ trades

A biotechnology company accused Citadel Securities LLC, Susquehanna International Group LLP and other Wall Street firms of driving down its stock price through a series of illicit trades.

In a lawsuit filed Thursday in Manhattan federal court, Northwest Biotherapeutics Inc. alleged the market makers had repeatedly engaged in “spoofing,” where traders place orders with an intent to fool other investors about a stock’s demand and manipulate the price.

Northwest, whose shares trade over the counter, also sued Canaccord Genuity Inc. G1 Execution Services LLC, GTS Securities LLC, Instinet LLC, Lime Trading Corp. and Virtu Americas LLC.

Spokesmen for Citadel and Virtu didn’t immediately comment. The other firms didn’t immediately respond to requests for comment.

Spoofing, which was outlawed in 2010, has been at the center of a yearslong campaign by U.S. authorities to root out market manipulation. In August, a federal jury in Chicago convicted two former JPMorgan Chase & Co. traders who had been charged with spoofing in the gold market.

In the modern stock market, high-speed trading firms like Citadel and Susquehanna provide stock quotes throughout the day, executing orders from other investors while collecting a thin spread between the buying and selling price of the shares.

It’s unclear from the data cited in the suit whether the alleged spoofing trades were placed on behalf of other investors, or by the firms themselves.

But Northwest argued that these market makers knew it was unlawful to execute the alleged trades and should have had procedures in place to detect and prevent them.

The market makers, Northwest wrote, “deliberately engaged in repeated spoofing that interfered with the natural forces of supply and demand and drove (the company’s) share price downward over the course of the relevant period.”

Northwest said the alleged spoofing trades, which occurred between December 2017 and August 2022, battered the stock price even as the company released positive results from the trial of its lead product, a brain cancer treatment. In its suit, the company wrote that it had sold more than 49 million shares to raise money “at artificially depressed prices.”

“One of the tell-tale signs of a manipulative spoofer is a rapid reversal of trading direction — a lot of sell orders, followed by buy orders, followed by the cancellation of sell orders — which suggest the original sell orders were not intended to be executed, but were merely a ploy to drive the price down to `buy low,’” Northwest said in its complaint.

The company said it found thousands of spoofing episodes involving tens of millions of “baiting orders” over a five-year span, and was able to identify the market participants using trading data.

https://www.cohenmilstein.com/biotech-company-says-citadel-other-big-traders-manipulated-its-stock-price-wall-street/

Also suspected of manipulating Fannie Mae and Freddie Mac:

Table 7 – Active Market Participants in these Companies Registered on the NASDAQ
Firm Name Clearing Firm
Number of These 8
Stocks the Firm is
Currently Trading
Bernard L. Madoff Investment Securities LLC Bernard L. Madoff Investment Securities LLC 6
Biltmore International Corporation Jefferies & Co., Inc. 5
Citadel Derivatives Group LLC Citadel Derivatives Group LLC 8
Cowen and Company, LLC National Financial Services Corporation 8
Domestic Securities, Inc. Penson Financial Services, Inc. 8
E*Trade Capital Markets LLC E*Trade Capital Markets, LLC 8
Hill Thompson Magid and Co., Inc. Hill Thompson Magid and Co., Inc. 5
Hudson Securities, Inc. Goldman Sachs Execution & Clearing, L.P. 8
Keefe, Bruyette & Woods, Inc. Pershing, L.L.C. 7
Morgan Stanley & Co., Incorporated Morgan Stanley & Co., Incorporated 8
Murphy & Durieu Ridge Clearing and Outsourcing Solutions, Inc. 4
Octeg, LLC Octeg, LLC 8
Pershing LLC Pershing LLC 8
Puma Capital, LLC Ridge Clearing and Outsourcing Solutions, Inc. 5
Robert W. Baird & Co. Incorporated Robert W. Baird & Co. Incorporated 7
Seton Securities Group, Inc. Jefferies & Co., Inc. 4
StockCross Global Penson Financial Services, Inc. 4
Susquehanna Capital Group Merrill Lynch Professional Clearing Corp. 8
The Vertical Trading Group, LLC Jefferies & Co., Inc. 7
Timber Hill LLC Timber Hill LLC 8
Trimark Securities, Inc. Merrill Lynch, Pierce, Fenner & Smith Inc. 8
UBS Securities LLC UBS Securities LLC 8
William Blair & Company L.L.C. William Blair & Company L.L.C. 8
It is obvious that some of these market makers trading the GSEs are dealing in counterfeit
stock. The NYSE, FINRA, SEC and Treasury know this, but instead of enforcing the laws
against this activity, they took a conservatorship of the GSEs, which they knew or should have
known would benefit the counterfeiters at the cost of the U.S. taxpayers.
The Wall Street financial reporters who have analyzed the Fannie Mae and Freddie Mac
debacle have so far concluded that their demise was a result of the public‘s failure to pay their
mortgages. They are blaming the public without considering the massive fraud that was
occurring and continues to occur. This fraud resulted in a vast amount of money that was stolen
from the marketplace that destroyed the ability of these GSEs to raise their own capital. The
GSEs are unable to raise money, as they had in the past, by selling their stock to investors.

https://www.sec.gov/comments/s7-08-09/s70809-382b.pdf