3 ms·
Their lawyers managed to read it the posts. With statements like, "Nobody wants to play in a market with zero users, we realized. So we gave participants the i
by jboy55 11y ago
Their lawyers managed to read it the posts.
With statements like, "Nobody wants to play in a market with zero users, we realized. So we gave participants the illusion of liquidity."
"We created bots to trade against incoming orders. They were like my friends. I even named them! My favorite was the “Jesse Livermore” bot. Opportunistic to a fault."
"The bots would run every day and place orders against each other so the market looked like it was exhibiting lots of price movement and volume. For added credibility, we randomly generated trading histories for each company going all the way back to last year."
Their lawyers realized they were admitting to creating a scheme to defraud investors to the safety of their market. Or maybe the SEC read it, and realized that perhaps this wasn't just a simple trading platform, but had a lot of fraudulent data on it and criminal charges were better.