Indian-American charged in multi-million dollar scheme to spread and trade on false rumours about public companies
According to the SEC complaint, Patel received rumours about purported market-moving events, such as corporate mergers or acquisitions, involving publicly-traded companies, and disseminated the information to his contacts at financial news services, chat rooms, and message boards.
Patel also disseminated the rumours to Melnick, a host of a stock trading webcast, who shared them with his webcast subscribers, Pic- Reuters