A Cumming man has been ordered to repay $1.5 million for his part in a years-long market manipulation scheme on top of the prison sentence he was given earlier this year.
The Justice Department (DOJ) says Milan Patel and his co-conspirators “conceived, drafted, and disseminated false rumors about publicly traded companies and then profitably traded on these rumors by purchasing and selling mainly short-term call options.”
They had pleaded guilty to the charges in January and Patel was given an 18-month prison sentence.
EARLIER STORY. POSTED JAN. 25: Cumming man sentenced for his part in an options trading scheme
