I'm not even sure if I would consider this fraud (personally).
I mean, if the initial outstanding orders were at risc of actually being bought and he had to deliver, then I think it is just fine that the market is naive enough to judge the worth of a company on some anonymous seller, rather than company performance and market-place condition of said company.
What's next, you start moving stock prices through twitter bots?
I think stock traders should be punished by the market place for acting on poor signals and acting like sheeps.
If he could in fact not deliver the initial sales, then not only is it fraud, but it is a broken system that allows you to put up stuff for sale that you don't own.
I mean, if the initial outstanding orders were at risc of actually being bought and he had to deliver, then I think it is just fine that the market is naive enough to judge the worth of a company on some anonymous seller, rather than company performance and market-place condition of said company.
What's next, you start moving stock prices through twitter bots?
I think stock traders should be punished by the market place for acting on poor signals and acting like sheeps.
If he could in fact not deliver the initial sales, then not only is it fraud, but it is a broken system that allows you to put up stuff for sale that you don't own.