SEC charges social media influencers in alleged $100 million stock pump and dump scheme
charged seven social media influencers with using Twitter and Discord to commit securities fraud that netted them more than $100 million in illicit gains.
The seven charged with securities fraud used the social media platforms to manipulate exchange-traded stocks in a scheme going back to at least January 2020, the SEC alleged. Through widely-followed Twitter accounts and stock trading chatrooms on Discord, the defendants allegedly "promoted themselves as successful traders," according to an SEC press release and allegedly encouraged followers to buy stocks that they also purchased.
Each of the defendants had well over 100,000 Twitter followers as of this month, the complaint states. One of those accounts, @PJ_Matlock, run by Texas resident Perry Matlock who calls himself the CEO of Atlas Trading, no longer exists as of Wednesday. The other primary defendants accused of securities fraud are Edward Constantin , Thomas Cooperman , Gary Deel , Mitchell Hennessey , Stefan Hrvatin and John Rybarcyzk .
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