Börspoddare convicted of price manipulation – Business World

     John Skogman. Photo: Jörgen Appelgren
     

Exchange Podcasts Comforter John Skogman, who stood accused of market manipulation, was convicted on Thursday of a judgment of the District Court of Stockholm.

John Skogman, who together with Johan Isaksson runs the popular stock-oriented Börspodden, was two weeks ago before the railing in the Stockholm District Court. The indictment was suspected price manipulation, market manipulation, in trade with ITAB shares in December 2012.

– Throughout this procedure has Skogman lycktas earn 2157 crowns, said Jan Leopold’s son, prosecutor in the financial chamber at the Economic Crimes Bureau , to the right.

The Swedish Economic Crime Authority submitted in its 95 pages comprehensive preliminary investigation protocol that John Skogman in batches, and every few seconds purchased 5 shares at a time to progressively higher rates. Sellers at the shops where the liquidity provider Remium automatic robot trading system that responded to the progressively higher purchases by raising spreads and hence bid price by several percent at a time.

John Skogman had after the initial Small purchases turned things around and sold some major Items shares, 300 pieces, to Remium. According to the prosecutor’s opinion, had Skogman thereby intentionally deceived the automatic trading, which according to him is not commercially justified and hence illegal. He would thus have earned 2 157 SEK.

– John Skogman denies the offense. These purchases have taken place in order to get to any omkvotering of the spread. The purpose of the smaller purchases have been aware of it in the market was no seller, said Forest’s lawyer, Leif Gustafson at trial.

The district court, however, goes to the prosecutor’s line and writes that John Forest’s claim that he bought the shares for To obtain information on another player is not consistent with his actions:

“To John Skogman despite their very good knowledge of trading would not have understood that he acted against the company’s liquidity in this case does not seem unlikely “writes the court in Thursday’s ruling.

In an overall assessment of the circumstances therefore finds the district court that it is shown that John Skogman acted in order to induce the liquidity provider to raise the price of the shares and then selling a larger number shares.

The law also says that John Skogman have realized that his conduct was likely to unduly influence the market price of the shares and mislead buyers and sellers of shares:

“His agerandehar not been consistent with market practice. The prosecution for market manipulation, intentional crime, is proven, “writes law.

Skogman sentenced to probation and to 60 day fines of 390 crowns. Total 23 400 crowns.

John Skogman runs with Johan Isaksson the popular Börspodden. They are also day traders. If you are a subscriber can read the Business World reports about publicly podcasts are here.