SEC起诉加州Fremont日内交易员Mingran Wang幌骗操纵逾150只存托凭证，不法所得逾130万美元
美国证券交易委员会（SEC）2026年6月25日公布，委员会已于6月24日在加州北区联邦地区法院对加州阿拉米达县 Fremont 居民、日内交易员 Mingran Wang 提起已达成和解意向的诉讼，指控他以幌骗手法操纵逾150只存托凭证的价格，不法所得逾130万美元。
SEC诉状称，2021年10月至至少2024年11月，Wang 操纵逾150只成交清淡的美国存托凭证（ADR）价格，手法分三步：先在一家券商的账户挂出无意成交的买卖单推拉目标 ADR 的市场价格，再在另一家券商的账户按被操纵的价格真实买卖获利，随后撤掉虚假单。诉状称，Wang 还采取措施掩盖行为，并向联邦调查人员承认，他用那些虚假买卖单试图「把价格推高到对自己有利」。
SEC指控 Wang 违反《1933年证券法》第17(a)(1)、(3)条的反欺诈条款、《1934年证券交易法》第10(b)条及规则10b-5(a)、(c)，以及该法第9(a)(2)条的反操纵条款。Wang 已同意接受判决，待法院批准：永久禁止违反上述条款；五年内开立、持有或使用任何券商账户时，须向相关券商提供本案诉状与判决副本；吐赃、判决前利息与民事罚款由法院后续裁定。
SEC表示，美国司法部已就同一行为对 Wang 提出平行刑事指控。委员会的调查由执法部门人员在市场滥用组协助下进行，并感谢美国邮政检查局与金融业监管局市场滥用组的协助。
SEC Charges Fremont Day Trader Mingran Wang With Spoofing Over 150 ADRs for More Than $1.3 Million in Ill-Gotten Gains
The U.S. Securities and Exchange Commission (SEC) announced on June 25, 2026, that on June 24 it filed settled charges in the U.S. District Court for the Northern District of California against Mingran Wang, a day trader from Fremont in Alameda County, California, for allegedly orchestrating a years-long market manipulation scheme through which he obtained more than $1.3 million in ill-gotten gains.
According to the SEC's complaint, from October 2021 to at least November 2024, Wang manipulated the price of over 150 thinly traded American Depositary Receipts (ADRs) through a fraudulent trading scheme known as spoofing. As alleged, the scheme followed three steps: Wang placed buy and sell orders for ADRs that he never intended to execute, which moved the market price of the targeted securities; he then executed orders to buy or sell the ADR to take advantage of the manipulated price; and he then canceled the non-bona fide orders, typically before they could be executed. Wang allegedly placed the non-bona fide orders through accounts he controlled at one brokerage firm and executed his actual trades through accounts at a different firm. The complaint says Wang took efforts to conceal his actions and admitted to federal investigators that he tried to walk the price up to his advantage with the non-bona fide orders.
The SEC's complaint charges Wang with violating the anti-fraud provisions of Section 17(a)(1) and (3) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(a) and (c) thereunder, as well as the anti-manipulation provisions of Section 9(a)(2) of the Exchange Act. Wang consented to the entry of a judgment, subject to court approval, that permanently enjoins him from violating the charged provisions, enjoins him for five years from opening, maintaining or trading in any brokerage accounts without providing the broker-dealer a copy of the complaint and judgments in the SEC's action, and provides that the court will determine any disgorgement, prejudgment interest and civil penalties at a later date.
In a parallel action, the U.S. Department of Justice has filed criminal charges against Wang, the SEC said. The investigation was conducted by the Commission's enforcement staff with the assistance of the Market Abuse Unit, and the SEC thanked the U.S. Postal Inspection Service and the Financial Industry Regulatory Authority's Market Abuse Unit for their assistance.
来源：美国证券交易委员会
发布：GSM·美国（发布链接）
图片来源：图：位于美国加州旧金山的 Phillip Burton 联邦大楼暨美国法院外墙名牌（资料照片），本案诉状提交至加州北区联邦地区法院。Sam Wheeler 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The name sign of the Phillip Burton Federal Building and United States Courthouse in San Francisco, California (file photo); the complaint in this case was filed in the U.S. District Court for the Northern District of California. Photo by Sam Wheeler, CC BY-SA 3.0, via Wikimedia Commons.
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