The brokerage industry is now trying to shut down fraudulent wash trading. It has always been illegal but the last 5 years it has been a huge problem in the microcap markets. Now, since the NASD has been given the green light to exercise its authority, the brokers are monitoring suspicious buys and sells in the penny market more than ever.
The CEO of SLJB got caught doing it with a friend in Texas, for example.
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