SEC bars Mingran Wang after $1.3 million spoofing case

Mingran Wang is 51, lives in Fremont, California, and can no longer work with investment advisers, broker-dealers, municipal securities dealers, municipal advisors, transfer agents, or nationally recognized statistical rating organizations. The SEC’s administrative order, dated November 10, 2026, follows Wang’s guilty plea, civil judgment and October criminal judgment.

His own criminal admissions put the proceeds at approximately $1.347 million.

The record behind the bar

The civil case, Securities and Exchange Commission v. Mingran Wang, Civil Action Number 4:26-cv-06291, was filed in the U.S. District Court for the Northern District of California. A July 29 consent judgment permanently barred Wang from future violations of Sections 17(a)(1) and (3) of the Securities Act of 1933, Sections 9(a)(2) and 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5(a) and (c). The civil judgment was entered by consent.

The criminal case, United States v. Mingran Wang, Crim. Information No. 4:26-cr-00288, also sat in the Northern District. Wang pleaded guilty June 24, 2026, to one count of use of interstate commerce for securities fraud under Title 15 United States Code, Sections 77q(a) and 77x. His October 20 criminal judgment imposed three years probation, one year of that under home confinement, a $10,000 fine, 500 hours of community service, and forfeiture of $1,347,000 — which Wang had already paid in full before the administrative order was issued.

A NewsAnarchist report from around the time of the SEC’s earlier settled charges described the alleged manipulation scheme.

The $10,000 fine is about 0.74% of the $1,347,000 forfeiture ($10,000 ÷ $1,347,000 × 100).

What changes for Wang and his firms

He also founded Greenroots Capital Partners, LP in 2022. Greenroots Capital Management withdrew as an exempt reporting adviser in October 2025, while Greenroots Capital Partners was liquidated on October 28, 2025.

The bar falls on Wang personally: as of the November 10 order, he is barred from association with any investment adviser, broker, dealer, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.