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Is this Illegal?
- Thread starter newguy1
- Start date
Quote from newguy1:
Say you had a group of traders, or just 1 trader in a room that had a lot of buying power...
Now say I'm long a position. Then I ask everyone/or someone with massive bp to long the stock to increase the price. I don't think this is illegal.
Now say you're a small group of traders. You're all long a position. Then you communicate with your buddy that runs a hedge fund and ask him to go long...big.
Is this illegal?
Hell yes.
http://caselaw.lp.findlaw.com/casecode/uscodes/15/chapters/2b/sections/section_78i.html
No.
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"You own me money. " -- Bert
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"You own me money. " -- Bert
Quote from Htrader:
Absolutely not illegal. I have no idea what the others on this thread are saying.
As a private citizen, as long as you are not trading on inside info, you can buy as many shares as you want. Make sure to file the proper sec paperwork if you go over 5% ownership.
As a private citizen, feel free to tell whomever you want to buy the stock as well. Just don't spread false information. And if you are making the recommendation in public, such as on television, be sure to disclose your position to avoid conflicts of interest.
You are not allowed to buy/sell a stock solely to move the price up and down.
Look at FOREX Bank of Japan intervention.
That's it.
That's it.
Quote from BSAM:
Markets are constantly manipulated. Seems like the wrong questions are being asked here. What's the Nike commercial say?.....
Not saying that it wuld be probable they would get caught, but if they were to be investigated and the reason given was "to push the price of the stock up" well thats manipulation.
Quote from gunslinger:
You are not allowed to buy/sell a stock solely to move the price up and down.
Which is totally untraceable.
If I decide to dump (if I had this kind of position) 10K of a thin stock as fast as possible, I could simply say I wanted tounload a position. How can they bother me about it?
Essentially jay-walking if you will....
I do know that creating a false uptick in ortder to short a stock is illegal b/c you are messing a with a rule.
Plus here is a perfect example:
I used to be a NASDAQ market maker. each day at the open and close we would handle customer opening/closing print orders (b/4 supermontage took over)
we used to try to gun the stock right b/4 the open up or down and get the opening print far out of whack so we could cover the remaing part as the stock reverted to where it should be.
The NASD watched us and our competitors do it everyday, and aloowed us to. If that isnt manipulation,I dont know is...
I used to be a NASDAQ market maker. each day at the open and close we would handle customer opening/closing print orders (b/4 supermontage took over)
we used to try to gun the stock right b/4 the open up or down and get the opening print far out of whack so we could cover the remaing part as the stock reverted to where it should be.
The NASD watched us and our competitors do it everyday, and aloowed us to. If that isnt manipulation,I dont know is...