www.sec.gov/litigation/complaints/complr17579.htm Charged with manipulating after hours market. Interesting if they are doing it today.
I knew, as any reasonably intelligent observer did, that this was going on big time in the ah market during that period and after that. I'm sure many folks did the same thing and were not caught. I'm sure these things go on to this day, and not just ah.
his crime was blatantly exploit a flaw in the system with indiscriminately buying/selling activities for personal gain, what nerve!.
What a load of crap! Specialists can post BULLSHIT bids, offers and size all day long to move the market the way they want to, but if one of US plays a game like this your toast??!?! wtf? Oooohhh nooooo.... someone OTHER than a SPEC playing games! We cant have that!! Bust Him! peace axeman
Insteresting as it is very good explanation of what the official manipulators of Wall Street are doing also to create a bubble and then unload their inventory ... without being accused of frauds 3. Lee executed wash sales -- the practice of simultaneously buying and selling an issuer's stock at the same price -- to create the impression of an active market in the six securities he manipulated. Lee typically engaged in a series of large volume wash sales at gradually increasing prices to create the appearance that the stock price was rising as a result of genuine market demand for the securities. 5. After Lee succeeded in artificially inflating the price and volume of the securities he had targeted, he then realized profits by selling out his own position which he had previously acquired at a lower price. So why "the Wall Street Gang" still continue to be immune huh ? by Richard. Ney (Trader author of the Wall Street Gang ) : "Regrettably, the arrangements that exist to preserve the traditions and legalize the frauds of the security industry are inseparable from the general organization of a society controlled by the financial establishment... Thus, although the Stock Exchange's most profitable practices clearly compromise the freedoms granted others by the constitution, Exchange Insiders are granted immunity from the legal obligations and penalties that should be imposed on them."
years ago I met a french financial journalist (I mean what I am saying concerns FRENCH market if you wanna guess for US market...) who interviewed a guy and this guy has told him the truth: During the Internet Bubble a broker in charge to "animate" a stock (they are in fact officially paid to do so and are equivalent to specialists of Nyse) just allies with others brokers to create a virtual pool - virtual since officially it is forbidden - they increase the price and then one day they will decide alltogether to drop it. They use the same scheme as below with a difference: they are several to do so and since nobody can accuse them of colliding without proof - how can you prove if you are not in the confidence huh ? - well it just happens without the general public suspecting it. But in the fact it is the same manipulation fraud that the Lee below: if he was using a virtual pool instead of doing all the work himself maybe he wouldn't have been catched .
If you ask me, those that should be charged and found guilty, are those that buy just because they see something moving, without knowing what they are buying or why. Whoever does that deserves the losses he gets.