California Trader Pleads Guilty to 3,000 Spoofing Trades Between 2021 and 2024

According to court documents, Mingran Wang, 52, of Fremont, California, admitted in federal court that he orchestrated more than 3,000 instances of manipulative trading between 2021 and 2024. Wang pleaded guilty to using interstate commerce for securities fraud by placing large orders he never intended to execute, creating false market signals to profit from genuine trades on the opposite side of the market. He targeted thinly traded U.S. securities, where fewer active buyers and sellers made prices more sensitive to individual orders. Wang agreed to forfeit more than $1.3 million in illegal proceeds and is scheduled to be sentenced on September 30 in the Northern District of California, facing a statutory maximum of five years in federal prison.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments