ARTICLE · 30 OCTOBER 2019

SEC Charges China-Based Traders With Market Manipulation Scheme

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In an emergency action filed in the U.S. District Court for the District of Massachusetts, the SEC charged and obtained an asset freeze against 18 China-based traders

United StatesCorporate/Commercial Law

Kyle DeYoung

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In an emergency action filed in the U.S. District Court for the District of Massachusetts, the SEC charged and obtained an asset freeze against 18 China-based traders (see here and here) for conducting a market manipulation scheme involving approximately 3,000 U.S.-listed securities.

According to the SEC, the traders artificially influenced the prices of the publicly traded securities by creating the false appearance of trading interest and activity in the stocks through the accounts of several different brokerage firms. The SEC claims that as a result of misrepresenting the trading interest and activity in certain stocks, the traders were able to gain over $31 million in illegally obtained proceeds.

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SEC Charges China-Based Traders With Market Manipulation Scheme

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