Norwegian Day Traders Convicted For Manipulating Computer Trading System

An anonymous reader submits news of the conviction of two Norwegian day traders, Svend Egil Larsen and Peder Veiby, who were on Wednesday fined and given suspended sentences (Norwegian court, Norwegian document) for cleverly working out — and cashing in on — the way the computerized trading system of Interactive Brokers subsidiary Timber Hill would respond to certain trades. They used the system's predictable responses to manipulate the value of low-priced stocks. The pair have gotten some sympathetic reactions from around the world, and promise to appeal.

Comments

In the USA

[srussia]

FTFA:In yesterday's conviction of the Norweigan traders, the prosecution said the pair had given "false and misleading signals about supply, demand and prices"

In the US the official body that does this is called the Working Group on Financial Markets.

They hate it when other people cut in on their action.

Re:first

[The Grassy Knoll]

As it's a Norwegian-related story, shouldn't trolls be modded UP? .