Why is pump and dump illegal?

In every stock trade there is a winner and a loser. Every investor's goal is to buy at the bottom and sell at the top. If this is achieved as hoped for then they are selling the stock at a point where they believe it will go down. Consequentially, the buyer of these shares will lose money if the trader played... show more In every stock trade there is a winner and a loser. Every investor's goal is to buy at the bottom and sell at the top. If this is achieved as hoped for then they are selling the stock at a point where they believe it will go down. Consequentially, the buyer of these shares will lose money if the trader played the market as he had hoped. Similarly, pump and dump aims to buy at the bottom and sell at the top. The only difference is that the pumpers essentially gurantee themselves a gain by recruiting buyers. Aren't these "scammers" just playing the game better than everyone else? Why is this illegal?

I would say its like herding sheep and slaughtering them but despite it's cruelty it is still legal.
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