MOSCOW, April 13. /TASS/. The Bank of Russia has found evidence of market manipulation in transactions involving securities of a number of issuers at organized trading on the Moscow Exchange, naming the company PFL Advisors as being guilty of a pump and dump scheme, the press service of the regulator reported.
"The transactions were carried out through the personal accounts of individuals associated with the activities of PFL Advisors, which ran the Telegram channels 'MarketsMoneyPower | RDV,' Signals of the Russian Securities Market,’ and ‘Wolf of the Moscow Exchange.’ Spreading information through Telegram channels encouraging market participants to buy or sell financial instruments was part of a coordinated activity by a group of individuals aimed at altering the current market prices of financial instruments in order to later cash in by making certain transactions," the report said.
The Bank of Russia has advised said individuals not to do that again, also restricting their trading accounts.
Moreover, following the inspection, the Bank of Russia classified the individuals’ actions as market manipulation in accordance with Paragraph 2 of Part 1 of Article 5 of Federal Law No. 224-FZ "On countering the unlawful use of insider information and market manipulation and on amendments to certain legislative acts of the Russian Federation," according to the regulator.
