Citadel Market Maker Manipulation Charges Leveled Against SEC Chair Gary Gensler

By: Dickson Arinze

June 9, 2023 7:12 AM

He is accused of shorting crypto-related stocks such as AMC Theatres and GameStop through the Vanguard Group and BlackRock, and he is the subject of a Change.org petition.

Citadel Securities and Citadel Market Maker have leveled serious allegations of market manipulation against Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), who has recently increased his push to get crypto trading platforms to register with the Wall Street regulator.

While he is accused of shorting crypto-related stocks such as AMC Theatres and GameStop through the Vanguard Group and BlackRock, the chairman of the SEC is the subject of a Change.org petition→.

According to the petition, Gary Gensler, the chairman of the SEC, should retire since Citadel Securities & Citadel Market Maker engaged in "naked short selling and dark pool abuse" and failed to protect retail investors from fraud.

Gensler noted in a previous video that he has ordered the agency's employees to work with digital-asset exchanges to ensure that they're "regulated much like securities exchanges."

"As a precaution against fraud and manipulation, our capital markets are governed by laws designed to maintain their honesty and transparency. People will have more faith in a cryptocurrency market if it protects investors and meets the standards of our market rules," he tweeted.

At the time of writing, the petition→ 'Fire Gary Gensler as SEC Chairman for Obstruction of Justice' had garnered over 19,000 votes.