Registered: Sep 2011
04-12-12 12:41 AM
83. The manipulative scheme also involved wash trades (trades where there was no change in beneficial ownership), and other trading for which there was no economic rationale. The only purpose for this trading was to further the manipulation of AutoChinas trading volume and stock price.
84. For example, on January 6, 2011, Ye Wang placed a buy order for 5,000 shares of AutoChina stock at $25.99 per share. Approximately six minutes later, Victory First (of which Ye Wang is the sole shareholder and director) placed a sell order for 3,150 shares at $25.99 per share. Both trades were placed by a computer using the same browser cookie. This trade resulted in no change of beneficial ownership.