The U.S Securities and Exchange Commission (SEC) announced on June 15 that the federal court granted the securities governing body final judgment against  traders in China. They were alleged of stock manipulation of over 3,000 U.S.-listed securities and making for more than 31 million dollars of illegal profits.

According to the statement, the SEC alleged that the traders based in China  “manipulated the prices of thousands of thinly traded securities by creating the false appearance of trading interest and activity in those stocks, thereby enabling them to reap illicit profits by artificially boosting or depressing stock prices.”

The final judgment ordered 16 Chinese defendants to pay over 73.5 million dollars and 10 Chinese relief defendants to pay over 1.5  million dollars.

In October 2019, the SEC filed an emergency action to have the assets of 18 Chinese traders frozen. It alleged that they made illegal gains through market manipulation. In December 2019, the SEC amended the complaint to add two defendants and eight additional relief defendants to those originally charged.

On June 9 of this year, a federal court granted the SEC’s request.

In addition, the U.S. District Attorney also filed a criminal case against two of the traders but it’s still pending. 

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