Florida-based, Pranav Patel, a stock broker of Indian descent has been charged in US for an alleged stock manipulation worth $131 million.
The Federal Prosecutor said that Mr. Patel along with eight others pumped up share price of a company which had no business operations.
In this multistate scam, the 35-year-old Patel along with his eight other associates have been charged with securities fraud, conspiracy, wire fraud, money laundering and making a false statement to law enforcement officials, TOI reported.
"They took a company with essentially no business operations and little revenue and deceived the market and their clients into believing it was worth hundreds of millions of dollars through a dizzying round of unauthorized trades and deceptive promotions," Robert L. Capers, the federal prosecutor said.
"The scheme ended up costing investors approximately $131 million in losses," according to Diego Rodriguez, the Assistant Director-in-Charge of the Federal Bureau of Investigation (FBI) New York Field Office.
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