There is no doubt that India is a great country but it is rather shameful when Indians end up doing fraud. And the insult is doubled when they repeat the act in a foreign soil. This is exactly what one Indian in America has done which is creating a lot of embarrassment.
The Securities and Exchange Commission (SEC) has charged American Vinod Patel who hails from Cumming, Georgia for falsification of information through rumors. In this process, he has amassed over $1million in illicit trading profits. Apparently, Patel used to receive rumors that he knew were false related to publicly traded companies, mergers and acquisitions and other market moving events.
He started spreading this fake information to his contacts in chat rooms, message boards, and financial news services. One among them also happened to be Mark Melnick, a host of a stock trading webcast. These rumors have been spread by Patel from December 2017 to January 2020 and due to this, the prices of subject companies' security rose temporarily.
Once it was done, Patel sold his holdings in those securities and made a profit of $1 million. Anyhow, the US District Court for Northern District of Georgia has charged Patel under various sections and legal action will be taken on him soon.
