NEWARK, N.J. – A Florida man who federal prosecutors in New Jersey say bragged about making up to $50 million a month by running an international stock manipulation scheme using a practice known as layering has been released on $750,000 bond.
Aleksandr Milrud, of Aventura, Florida, made his initial court appearance Wednesday after being charged last month with wire fraud and securities fraud conspiracy.
He was released by Judge Michael Hammer and barred from trading in securities. Milrud's attorney, Michael Bachner, says he is still reviewing the allegations.
Prosecutors say Milrud recruited stock traders in China and Korea to place high-speed buy or sell orders and then quickly cancel them.
U.S. Attorney Paul Fishman says it is the first federal securities fraud prosecution of someone accused of using the high-frequency trading strategy.