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

by Mike Robinson

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© Reuters.

WASHINGTON (Reuters.com) – Two individuals were charged by the U.S. Securities and Exchange Commission Monday for a scheme to fraudulently trade so-called “meme stock” options in early 2021.

A Florida resident and his friend were charged by the Securities and Exchange Commission for using wash trading put options to obtain liquidity rebates. The friends sought to capitalize on increased market volatility and stock prices that was actively promoted through social media.

The request for comment was not immediately answered by the attorneys for either of these individuals.

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