Aha ... rooski was tricked by the pros ... what a sucker!
"SEC Charges Owner of N.J.-Based Brokerage Firm With Manipulative Trading
Firm and Co-Owners Charged With Registration Violations
FOR IMMEDIATE RELEASE
Washington D.C., April 4, 2014 — The Securities and Exchange Commission today charged the owner of a Holmdel, N.J.-based brokerage firm with manipulative trading of publicly traded stocks through an illegal practice known as “layering” or “spoofing.”
The SEC also charged the owner and others for registration violations. Two firms and five individuals agreed to pay a combined total of nearly $3 million to settle the case.
In layering, the trader places orders with no intention of having them executed but rather to trick others into buying or selling a stock at an artificial price driven by the orders that the trader later cancels. An SEC investigation found that Joseph Dondero, a co-owner of Visionary Trading LLC, repeatedly used this strategy to induce other market participants to trade in a particular stock. By placing and then canceling layers of orders, Dondero created fluctuations in the national best bid or offer of a stock, increased order book depth, and used the non-bona fide orders to send false signals to other market participants who misinterpreted the layering as true demand for the stock.
“The fair and efficient functioning of the markets requires that prices of securities reflect genuine supply and demand,” said Sanjay Wadhwa, senior associate director of the SEC’s New York Regional Office. “Traders who pervert these natural forces by engaging in layering or some other form of manipulative trading invite close scrutiny from the SEC.”
Joseph G. Sansone, co-deputy chief of the SEC Enforcement Division’s Market Abuse Unit, added, “Week after week, Dondero lined his pockets by placing phony orders and tricking others into trading with him at distorted prices. The fact that Dondero perpetrated this deceit through the entry of trade orders did not allow him to evade detection.”
Rickarooski is always crying about stock manipulation because he can't jump in and out of his whopping 500 share position fast enough to catch all those nickle gains. LOL. He cries when it falls, but was silent when the company used to push/hold the share price up (with otherwise useless share buybacks) so they could issue convertible debt at a higher conversion rate imo.