WASHINGTON, June 25 -- The U.S. Department of Justice's Criminal Division issued the following news release:
A California man pleaded guilty yesterday to engaging in more than 3,000 instances of manipulative trading and spoofing during a years-long scheme to manipulate the securities markets.
According to court documents, Mingran Wang, 52, of Fremont, California, orchestrated a scheme to defraud market participants using spoofing from 2021 through 2024. Spoofing is the manipulative trading tactic of placing a non-bona fide order, with the intent to cancel the order before it is executed, to give the false appearance of genuine supply or demand to other investors and move the price in the spoofer's favor. Wang marketed himself as the found...