Toronto trader charged over $21m market manipulation
US regulator files a market-abuse complaint against a Canadian trader
The US regulator has filed civil charges alleging that Georgiou directly and indirectly used accounts to artificially inflate the share prices of Avicena Group, Neutron Enterprises, Hydrogen Hybrid Technologies and Northern Ethanol.
The SEC complaint stretches back to 2004 and up to September 2008. He is alleged to have directly traded with broker-dealers, and indirectly worked using trading instructions to nominees with accounts in Canada, the Bahamas, and the Turks and Caicos Islands.
The SEC accuses Georgiou of attempting to hide his market abuse by timing his deals with company news, and said he revealed his guilt and intentions to manipulate prices in emails and phone conversations.
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