Quantcast
U.S. SEC charges individuals in 'meme stock' options trading scheme - Metro US

U.S. SEC charges individuals in ‘meme stock’ options trading scheme

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C.

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Monday charged two individuals for a fraudulent trading scheme involving so-called “meme stocks” in early 2021.

The securities regulator said it has charged a Florida resident and his friend who used wash trading put options to collect liquidity rebates, seeking to take advantage of the increased market volume and volatility driven stocks that were being actively promoted on social media platforms.

Attorneys for the individuals did not respond immediately to request for comment.

(Reporting by Chris Prentice and Katanga Johnson)

More from our Sister Sites