A California day trader and founder of a hedge fund faces up to five years in prison after pleading guilty to manipulating stock prices through buy and sell “spoofing” schemes.

Mingran Wang pleaded guilty in U.S. District Court for the Northern District of California to defrauding the market from October 2021 through November 2024, the U.S. Department of Justice (DOJ) announced Thursday.

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Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government. Email: adrianne.appel@complianceweek.com LinkedIn:...