Norwegian Traders Convicted

Two Norwegian day traders who hoodwinked a trading system in the US for their own financial gain, have been handed suspended prison sentences.

The Norwegian traders, Svend Egil Larsen and Peder Veiby, were handed suspended prison sentences and fines for market manipulation after outsmarting the trading system of Timber Hill, which is a unit of US-based Interactive Brokers.

The two men managed to work out how the computerised system would react to certain trading patterns. This allowed them to influence the price of low-volume stocks for their own gain.>


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Posted: October 17th, 2010
at 7:51am by Koookiecrumbles

Categories: trade,security

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