$9.6 Million Market Scammer Apprehended by SEC

$9.6 Million Market Scammer Apprehended by SEC

One James David O’Brian was charged by the US Securities and Exchange Commission (SEC) for running a market manipulation scheme worth millions of dollars that run for a couple of years. SEC released an official press release in which it revealed that O’Brian executed trades in multiple trading accounts in a coordinated and tactical way under his wife’s name using a range of different brokerage companies.

Originally from Gibbsboro in New Jersey, O’Brian ran the scheme for some 5 years from 2015 to 2020. During this timespan the culprit used 18 different securities accounts in 14 separate companies. SEC calculated an average profit gained during the lifetime of the scam as around $9.6 million.

SEC further details that O’Brian purchased stocks at very low prices, artificial ones, and then proceeded to sell them at higher prices, again artificial, all figuring in the scam. He performed around 18 000 trades across all of his accounts, with 75% of them resulting in net profits.

O’Brian is now charged with violating the Securities Exchange Act of 1934 anti-fraud provisions and is facing civil penalties, as well as being forced to seek injunctive relief.

SEC is on the forefront of anti-fraud counter attacks and is setting an example to many worldwide regulators.

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