Facts of market manipulation in organised trading using pump-and-dump schemes established
The Bank of Russia has established facts of market manipulation involving the shares of PJSC OGK-2 (hereinafter, the Shares) traded by K.V. Mikhailov and A.I. Mikhailova (hereinafter, the Clients) on Moscow Exchange (hereinafter, the Exchange), using their personal trading accounts.
The Clients repeatedly used pump-and-dump schemes to boost securities prices. In 2025, they bought the Shares by bidding aggressively to artificially inflate their prices above the level that would have been reached without those dealings. As soon as the prices of the Shares peaked, the Clients sold them.
They also used the reverse scheme, i.e. they aggressively sold the Shares, artificially drawing their prices down, and then bought them at dumped prices. The Clients managed to apply these schemes several times within a trading session. Thus, they conducted more than 10,000 transactions with the Shares on the Exchange. All these transactions caused volatility spikes in the prices of the Shares and increased financial risks for other market participants.
On certain trading days, the Clients also traded in the Shares in collusion between their brokerage accounts, which caused substantial deviations in the trading volumes and prices from the level that would have been reached without those dealings.
These actions are qualified as market manipulation under Clauses 2 and 5 of Part 1 of Article 5 of Federal Law No.
K.V. Mikhailov and A.I. Mikhailova have been held liable for market manipulation and received binding orders to cease and desist from similar violations in the future.
Furthermore, the Bank of Russia has sent binding orders to trading organisers and professional securities market participants to suspend transactions in the Clients’ trading accounts.
The Bank of Russia warns trading participants against their involvement in coordinated activities to distort fair pricing in organised trading and conducting transactions in collusion with anonymous order matching.
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27.08.2026 13.00.00