The SEC asserts that the defendants unlawfully gleaned more than $700,000 through a wash-trading scheme that targeted exchanges offering market maker rebates.
The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood 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.By trading between venues that offer rebates to market makers and those that do not charge fees to market takers, the SEC estimates they generated more than $1.5 million worth of rebates in total through the alleged wash trading scheme. Gu and Lee are believed to have been able to keep nearly half of the rebates as profits, with the commission estimating they profited $668,671 and $51,334 respect
Źródło: https://cointelegraph.com/news/sec-takes-action-against-two-meme-stock-wash-traders
