OSC takes on ‘market manipulation’ case involving day traders in China

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The Ontario Securities Commission is considering a settlement with a proprietary day trading firm with operations in China that is accused of “manipulative trading” in Canadian equities.

Oasis World Trading Inc., which is headquartered in Hamilton, Ont., but operates about 40 branch offices with 200 traders in China, is accused of entering orders a least 460 times over a 13-month period that “created a false or misleading appearance of market activity which allowed them to trade at artificial prices.”

In a six-page statement of allegations made public Friday, the OSC says Zhen (Stephen) Pang, the Canadian-based founder of Oasis, “did not know that certain Oasis traders were engaged in manipulative trading.” However, OSC staff allege Pang, as a director and officer, “ought to have known” and “failed to adequately monitor trading activities at Oasis.”

Read full article here.

Financial Post – Barbara Shecter | December 11, 2015.

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