NEWS： US SEC freezes 18 traders suspected of manipulation
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U.S. authorities said Wednesday they had frozen the assets of 18 traders, mainly in China, who were suspected of international market manipulation and had made more than $31 million in illegal profits for several years.
According to the securities and Exchange Commission, these traders manipulate more than 3000 US listed securities for at least six years; they use multiple accounts to generate high and low prices for real estate and trade for profits.
The SEC said it believed the operation was continuing, making trading sparse securities look like there was a lot of interest in the market.
"We accused the defendant of extensive manipulation, sparing no effort to evade investigation, placing the transaction in more than 100 different accounts opened by several different brokerage companies, submitting forged documents and opening new accounts in the name of others." Joseph G. Sansone, head of the SEC's market abuse regulator, said in a statement.
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