SEC takes action against two meme stock wash traders By Cointelegraph


SEC takes action against two meme stock wash traders

The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood (NASDAQ:) users over an alleged wash-trading-based arbitrage scheme that utilized meme stocks.

According to a Sept. 27 complaint, defendants Suyun Gu and Yong Lee took advantage of differing trading fee schedules offered by different retail brokers and exchanges to extract arbitrage while wash-trading.