BOSTON – A Weymouth man was sentenced yesterday for his function in a complicated, multi-year market manipulation conspiracy involving securities traded on securities exchanges inside the United States, together with the New York Stock Exchange and NADSAQ.
Jiali Wang, 44, was sentenced by U.S. Senior District Court Judge William G. Young to time served (three months in jail) and 9 months of residence detention. Wang was additionally ordered to forfeit $7.75 million in illicit proceeds. On Aug. 5, 2022, Wang pleaded responsible to at least one rely of conspiracy to commit securities fraud.
From roughly 2013 by way of no less than 2018, Wang participated within the manipulative buying and selling exercise of a gaggle of securities merchants positioned in China and, at instances, in Massachusetts. Specifically, Wang and his co-conspirators used a number of brokerage accounts of their names, and within the names of others with whom Wang had a relationship, to artificially depress or inflate the costs of thinly traded securities. They did so by repeatedly inserting comparatively small promote (or purchase) orders designed to ship a false sign a few safety’s provide (or demand) and to depress (or inflate) the safety’s worth. Wang and his co-conspirators then instantly positioned comparatively giant purchase (or promote) orders on the opposite aspect of the market to take benefit of their manipulations. Once the big orders executed, Wang and his co-conspirators cancelled their excellent manipulative orders.
United States Attorney Rachael S. Rollins and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division, made the announcement. Assistant U.S. Attorney James R. Drabick of Rollins’ Securities, Financial & Cyber Fraud Unit prosecuted the case.
District of Massachusetts | Weymouth Man Sentenced for Market Manipulation Conspiracy
District of Massachusetts | Weymouth Man Sentenced for Market Manipulation Conspiracy
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District of Massachusetts | Weymouth Man Sentenced for Market Manipulation Conspiracy