The U.S. Securities and Exchange Commission (SEC) recently filed fraud charges against nine people and three market makers for their roles in manipulating the trading of several cryptocurrency assets offered to retail investors as securities. It is alleged that the defendants planned fictitious trading activities to trick investors into believing there was real interest in the assets. The SEC said that by giving the impression of a working market, these efforts broke securities rules and harmed ordinary investors.
According to the regulator, Vy Pham, Nam Tran, Manpreet Singh Kohli, Maxwell Hernandez and Russell Armand hired Gotbit and ZM Quant to artificially inflate trading volumes. The goal was to lure investors into purchasing cryptocurrency assets by creating the false impression that there was an…
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