Upton man sentenced to 30 days, fined $1 million for securities fraud
A securities trader from Upton is facing consequences after being convicted of conspiring to manipulate financial markets. Xiasong Wang, 36, will spend 30 days in federal prison and has been ordered to pay over $1 million in restitution. The sentencing took place on Dec. 17, where U.S. District Court Judge William Young also mandated Wang’s removal to China after serving his sentence and settling the restitution amount.
Wang pleaded guilty to one count of conspiracy to commit securities fraud back in September. The scheme involved Wang and his co-conspirators engaging in manipulative trading activities using multiple brokerage accounts, some in their own names and some under other individuals’ names. By placing small sell or buy orders to create false signals about a security’s supply and demand, they were able to artificially inflate or depress prices of thinly traded securities.
This manipulation would then allow them to profit by executing large orders on the opposite side of the market before canceling the initial manipulative orders. Wang’s co-conspirator, Jiali Wang of Weymouth, also pleaded guilty in August 2022 and received a three-month prison sentence, with credit for time served, as well as a hefty forfeiture amount and nine months of home detention.
It’s a cautionary tale that highlights the serious repercussions of securities fraud. If you have any tips or information related to public safety news, you can reach out to Norman Miller at 508-626-3823 or nmiller@wickedlocal.com. Stay informed by following him on X @Norman_MillerMW or on Facebook at facebook.com/NormanMillerCrime.
