The Securities and Exchange Commission (SEC) today announced settled charges against Zachary Stevenson of North Point, Florida for perpetrating a fraudulent spoofing scheme that netted him over $380,000 in profits.
According to the SEC’s order, from April 2022 through January 2024, Stevenson repeatedly placed non-bona fide market orders to manipulate the prices of securities and generate quick trading profits. Specifically, the order finds that Stevenson established long or short positions in various thinly-traded securities and then, minutes later, placed one or more limit orders that he did not intend to execute in those securities to manipulate the National Best Bid / Offer. After his non-bona fide limit orders artificially narrowed the National Best Bid / Offer spread, Stevenson exited his position in those securities for a profit, and he then canceled the non-bona fide…
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