Abstract: An existingmodel available in literature wasmodified to degrade the accuracy of private information from an informer, so that he can manipulate the securities market repeatedly in a long period. The analysis result shows tha,t the informer has tomake the public believe in his honesty to lead the publics' believes in the assets and manipulate themarke.t The long-period equilibrium of an informerwhomay change his statuses between honesty and dishonesty is that it is impossible for the public to fully know his status, information transferkeeps on and his creditability ismore than 1/2.