Two day traders have been arrested by Norwegian police for allegedly cracking an algorithm of U.S. brokerage firm Timber Hill, in order to manipulate the stock prices of three companies listed on the Oslo Stock Exchange.
The two day traders, Svend Egil Larsen and Peder Veiby, have been charged with “market manipulation” and face up to six years in jail if convicted. Timber Hill is a subsidiary of Interactive Brokers and acts as its market maker.
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