SEC Bars Mingran Wang From Association With Any Broker, Dealer or Investment Adviser

Mingran Wang has been barred from the securities industry over a spoofing scheme, the US Securities and Exchange Commission said in a settled administrative order, Release No. IA-7036, posted Nov. 10.

The order bars Wang from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization. According to the order, Wang founded and controlled Greenroots Capital Partners, a hedge fund advised by Greenroots Capital Management, LLC, an entity Wang also founded and controlled that filed as an exempt reporting adviser.

The SEC's complaint alleged that from October 2021 to at least November 2024, Wang "placed thousands of buy and sell orders for American Depository Receipt (ADR) securities that he never intended to execute" to manipulate their prices. The complaint also alleged that Wang obtained more than $1.3 million in ill-gotten gains, the order says.

A federal court in the Northern District of California entered a consent judgment against Wang on July 29 permanently enjoining him from future violations of antifraud provisions of the securities laws, according to the order. A judgment in a related criminal case was entered against Wang on Oct. 20, including a $10,000 fine and forfeiture of $1,347,000, which the order says Wang had previously paid in full.

Wang consented to the order and admitted the findings on the civil judgment and the criminal case, according to the order.