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Pakistani accused of manipulating US Stocks

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A Pakistani man has been accused of committing fraud by the US Securities & Exchange Commission. According to the SEC, the fake bogus integrated Device bid was made by a Pakistani man named Nauman Aly.

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The Pakistani is also alleged of roughly making $ 425,000 with this fake bid, although SEC has won Manhattan court order on Tuesday, following which the US account of the alleged fraudster has been frozen so he couldn’t withdraw his alleged profits.

According to the sources, Aly wasn’t available at the scene so it isn’t yet clear that whether he has hired lawyer in defence or not.

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The director of the SEC Enforcement Division, Andrew Ceresny said in a press release: “We allege that Aly tried to fool the markets from a computer in Pakistan to make an easy profit, but we made sure he didn’t cash in. Market manipulation doesn’t pay, no matter the method or how distant the perpetrator.”

According to the complaint filed by SEC, Aly purchased $1,850 call options in IDT for $18,500 at 11:50 a.m on April 12.

According to the complaint filed by SEC, Aly purchased $1,850 call options in IDT for $18,500 at 11:50 a.m on April 12. They further told that a bogus takeover offer  for the chipmaker company Integrated Device Technology Inc. made by Aly resulted a sharp rise in IDT’s stock price, which led him to rake $425,000 in less than 30 minutes.

 

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