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Learning & News => News related to Crypto => Topic started by: CryptoGirl on November 01, 2017, 11:17:06 AM

Title: Trader used bitcoin to hide fraud trades profits : SEC
Post by: CryptoGirl on November 01, 2017, 11:17:06 AM

The U.S. Securities and Exchange Commission (SEC) is suing a Philadelphia day trader, accusing him of illegally taking over more than 100 brokerage accounts and using the victims' funds to artificially inflate stock prices that he would then trade against advantageously.

The trader then used an unnamed bitcoin exchange to convert the funds from U.S. dollars to bitcoin. Those proceeds were then transferred to another individual.

Quote

"To mask his payments to the other individual as part of a profit-sharing arrangement, Willner allegedly transferred proceeds of profitable trades to a digital currency company that converts U.S. dollars to Bitcoin and then transmitted the bitcoins as payment."

https://www.sec.gov/litigation/complaints/2017/comp-pr2017-202.pdf

Title: Re: Trader used bitcoin to hide fraud trades profits : SEC
Post by: rahul10948 on November 01, 2017, 12:33:48 PM

this thing is not good