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I think the logic is that Integrity of Capital Markets is violated as he posts on internet boards – he is trying to manipulate the market but Conflicts of interest is not violated because that’s more related to when you don’t disclose a conflicting position in holding a stock that you are recommending to clients (etc.). I think you are thinking of Misrepresentation (i.e failing to disclose his stock holdings) – but this is more when you provide investment research to actual clients over an internet website whereas this guy is just posting randomly over the internet to move the price so it’s favourable to him.