A new scam by an Indian-origin man and his gang has exposed just how easily financial markets can be manipulated in the US.
Milan Patel, an Indian-origin trader, is now behind bars for a massive market manipulation scheme that made him and 4 other scammers millions. They spread fake rumors to inflate stock prices, then cashed in at the right time to gain profit.
Patel had a major role in this scam, pushing false information across trading platforms. He and his gang of brokers manipulated the market by misguiding the investors toward a particular stock and making a fortune for themselves.
It was finally revealed in the court that the group made $2,651,321 in profits from these fraudulent schemes. However, the punishment for this multi-million dollar scam is not as grueling or fitting.
Milan was sentenced to 18 months in prison and $10,000, which is a fraction of what he gained over the years.
These people who were supposed to be financial experts, exploited the investors by rigging the system instead of helping them. This crime and the court’s reaction highlight how easy it is to manipulate the system and get away with it with little consequences.
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