The SEC won on all counts in a New York federal jury trial over a Kyiv-based trading firm’s $25 million unlawful trading scheme, the agency said Nov. 12.
The jury determined that Avalon FA Ltd., owner Nathan Fayyer, and undisclosed control person Sergey Pustelnik profited from two manipulative trading schemes, the Securities and Exchange Commission said.
Judge Denise L. Cote of the U.S. District Court for the Southern District of New York presided over the case.
The scheme involved layering—placing and canceling orders to trick others into trading the stock at artificial prices—and cross-market manipulation, ...
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