The SEC sued a Puerto Rico day trader, alleging he manipulated hundreds of stock prices through fake trading orders that netted him more than $5 million in profits.
Harsh V. Patel used at least 10 brokerage accounts to carry out the scheme from May 2021 to January 2024, according to the Securities and Exchange Commission’s complaint filed Monday in the US District Court for the Southern District of New York.
Patel would rapidly place many small buy orders for thinly traded stocks, driving up prices within minutes, the SEC said. He then placed fake limit orders he never intended to ...
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