WASHINGTON (Reuters) - U.S. securities regulators on Friday charged the owner of a New Jersey-based trading firm and several other defendants in a scheme to manipulate the market through an illegal practice known as "spoofing."
The Securities and Exchange Commission said that Joseph Dondero, a co-owner of Visionary Trading LLC, as well as several other owners and a New York-based brokerage firm called Lightspeed Trading LLC will collectively pay $3 million to settle the charges.
Spoofing involves a trader placing orders without the intention of having them executed, a strategy that tricks people into buying or selling stock at artificial prices.
Reuters reported earlier this week that the FBI is also investigating the practice of spoofing more broadly in a probe into high-speed trading.
(Reporting by Sarah N. Lynch)
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