A Florida trader must pay $1.38 million to resolve an SEC suit alleging he improperly pocketed liquidity rebates on thousands of transactions for meme stocks in which he was both buyer and seller.
Suyun Gu is liable for disgorgement and a civil penalty of $621,703 each—reflecting the amount he netted from the “wash-trading” transactions in early 2021—as well as $134,663 in prejudgment interest, Judge Susan D. Wigenton said in an order filed Wednesday in the US District Court for the District of New Jersey.
The scheme was allegedly inspired by 2021 congressional testimony from Robinhood Markets Inc. CEO …