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Pennsylvania Man Found Guilty In Florida Court
A federal jury in the Southern District of Florida has recently handed down a guilty verdict in a high-profile securities fraud case. The defendant, Shane Hampton, a Pennsylvania man, has been convicted for his involvement in a securities price manipulation conspiracy and a wire fraud scheme relating to the purchase of Hydrogen Technology’s cryptocurrency, HYDRO.
Hampton, who held the position of head of financial engineering at Hydrogen Technology, orchestrated an intricate scheme to manipulate the price of HYDRO. He employed an automated trading system, commonly known as a “bot,” operating through a third-party firm called Moonwalkers Trading Limited of South Africa.
The fraudulent scheme involved flooding the market with fake and deceptive orders between October 2018 and April 2019, resulting in approximately $7 million in “wash trades” and over $300 million in “spoof trades” for HYDRO. These manipulative trades were specifically designed to deceive unsuspecting retail investors into purchasing HYDRO, while allowing Hampton and his co-conspirators to sell Hydrogen Technology’s own holdings for tremendous personal gain.