By Jeffrey A. Newman Esq.
Mingran Wahng of Greenroots Capital Management has pleaded guilty of more than 3,000 instances of spoofing. He has agreed to forfeit more than $1.3 million in proceeds. Spoofing is the practice of placing non-bona fide orders—which the trader at the time of placement intends to cancel before execution—to create a false impression of supply or atter, which involved alleged spoofing in securities markets, between October 2021 and November 2024, Wang engaged in more than 3,000 instances of such trading, ultimately generating approximately $1.3 million in proceeds..
The government alleges investigators recovered notes from Wang’s personal computer instructing that the “[m]ost important thing is to hide,” with tactics including to “[r]andomize the pattern as much as possible,” reduce the frequency at the expense of gains, and “[r]otate on symbols.” Other notes allegedly scripted a cover story for the cross-trading, contemplated claiming that he “[d]oesn’t know layering or spoofing or those things!!,” and assessed that the “[w]orst case” might be a monetary penalty and “[m]ost likely civil charges!!” A search of Wang’s residence also allegedly turned up two noteworthy books: A Convicted Stock Manipulator’s Guide to Investing and How Stocks Are Manipulated. He faces a statutory maximum of five years in prison and is scheduled to be sentenced on September 30, 2026.
Jeffrey A. Newman, Esq, MBA, and his firm are whistleblower lawyers handling cases nationwide. He can be reached at Jeff@Jeffnewmanlaw.com, or at 617-823-3217.
