United States Attorney Joshua S. Levy | U.S. Department of Justice
A securities trader was sentenced for his involvement in a multi-year market manipulation scheme. Xiaosong Wang, aged 36 from Upton, Massachusetts, received a 30-day prison sentence by U.S. Senior District Court Judge William G. Young. Additionally, Wang is required to forfeit $1,041,084 in illicit earnings and will be deported to China after serving his sentence. Wang had admitted guilt on September 12, 2024, to conspiracy charges related to securities fraud.
The fraudulent activities spanned from approximately 2013 to 2018 and involved traders both in China and occasionally in Massachusetts. Wang and his co-conspirators manipulated stock prices using several brokerage accounts under their names or associates' names. They engaged in practices such as placing small orders to create false signals about a security's supply or demand and subsequently placing large orders to benefit from the manipulated prices.
Jiali Wang, another participant in the conspiracy, pleaded guilty in August 2022 and received a sentence of time served—three months in prison—and nine months of home detention by December 2022. Jiali Wang was also ordered to surrender $7.75 million obtained through illegal means and was later deported to China.
The case announcement came from United States Attorney Joshua S. Levy alongside Jodi Cohen, Special Agent in Charge of the FBI Boston Division. The prosecution was led by Assistant U.S. Attorney James R. Drabick of the Securities, Financial & Cyber Fraud Unit.
