SEC v. Suyun Gu

Suyun Gu was previously charged with engaging in a fraudulent trading scheme to collect liquidity rebates from security exchanges through wash trading of thinly-traded put options in early 2021. According to the SEC’s complaint, Gu and his co-defendant, Yong Lee, used broker-dealer accounts that paid liquidity rebates to place options orders on one side of the market, and then used other broker-dealer accounts that did not charge fees for taking liquidity for subsequent orders on the other side of the market for the same options, resulting in hundreds of thousands of dollars in profits.

Summary generated from official Securities and Exchange Commission press release