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Brief
The Securities and Exchange Commission (SEC) has announced fraud charges against three companies and nine individuals for engaging in schemes to manipulate the markets for various crypto assets. The schemes allegedly created a false appearance of an active trading market to induce investors to purchase the assets. The SEC alleges that the defendants, including market makers and promoters, used various tactics such as wash trading and algorithmic trading to manipulate the market. The defendants face charges for violating antifraud and market manipulation provisions of the securities laws, and the SEC seeks permanent injunctions, disgorgement of ill-gotten gains, and civil penalties.
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