10 / 17 / 2019
  - 09:19:41 AM
2 Chinese Nationals Charged With Conspiracy
  

By MyFM's Rick Michaels - Two Chinese nationals one with connections to Upton were charged yesterday for their alleged participation in a complex stock market manipulation conspiracy. 31 year old Xiaosong Wang was arrested at a home he owns in Upton and 41 year old Jiali Wang, both are from the People’s Republic of China, they were both charged with one count of conspiracy to commit securities fraud. Jiali Wang was arrested at Logan International Airport as he was boarding a flight to Beijing. According to the criminal complaint, the Wangs, and others conspired and engaged in a coordinated stock manipulation scheme that artificially influenced the prices of publicly traded securities by making others in the market believe that there was trading interest and activity in particular stocks. In reality, no such interest or trading activity existed, and the defendants profited from the price movements they caused. After the prices moved and the defendants purchased/sold the securities at the artificially higher/lower prices, the initial orders were cancelled. Defendants and their co-conspirators are alleged to have profited millions of dollars as a result of the stock price spoofing scheme.  

 

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