Freezing hand laid on dodgy tradersBusiness | Reuters 18 Oct 2019
US authorities have obtained an asset freeze against 18 traders who are primarily China-based over an international market manipulation scheme that has reaped more than US$31 million (HK$241.1 million) in illicit profits over several years.
The US Securities and Exchange Commission said the traders had been manipulating more than 3,000 US-listed securities for at least six years, using multiple accounts to create artificially high or low prices to buy or sell at a profit.
And the SEC it believes the scheme, which created an appearance of interest in thinly traded securities, was continuing.
The traders "knew, or were reckless in not knowing, that they were engaging in securities fraud," authorities added. And they received multiple warnings from brokerages about their manipulative trading.