Gordon Eberwein, a Vancouver resident and shareholder of Ottawa-based online loyalty rewards platform company Ackroo Inc. (TSX-V:AKR), has admitted he engaged in “wash trades” of shares of the company and has agreed to sanctions by the British Columbia Securities Commission.
A wash trade has taken place when an investor has acted as both the buyer and the seller of a security at the same time. It can be seen as a form of market manipulation as it could lead to a false impression that trading activity has taken place.
EMMA CRAWFORD HAMPEL – Business in Vancouver – March 22, 2016.