Manipulation of the securities market poses a serious threat to the financial system, undermining investor confidence, distorting market prices and creating significant systemic risks. The article examines the main forms of manipulation, including "pump and dump", insider trading and the creation of false volumes, as well as their consequences for the market. Special attention is paid to Enron's cases and GameStop stock cases, demonstrating the scale and consequences of manipulative actions. Regulatory measures, including the use of artificial intelligence, blockchain technologies and automation of supervision, play a key role in countering these actions. However, manipulation continues to contribute to volatility, reduced liquidity, increased social inequality and the emergence of systemic risks. To ensure the sustainability of financial markets, strict regulatory measures, increased financial literacy and the development of technologies to detect and prevent manipulation are necessary.