Eight Social Media Influencers Charged by SEC in Alleged $100 Million ‘Stock Manipulation Scheme’ on Twitter, Discord

The SEC charged seven “social media influencers” — who had amassed hundreds of thousands of followers on Twitter and Discord — with securities fraud, alleging they manipulat…

— with securities fraud, alleging they manipulated stock prices to reap $100 million in ill-gotten gains. The agency also issued a charge against an eighth individual with allegedly aiding and abetting the “scheme.”

The following seven individuals were charged with securities fraud, identified by the SEC along with their Twitter account names: Perry Matlock , Edward Constantin , Thomas Cooperman , Gary Deel , Mitchell Hennessey , Stefan Hrvatin and John Rybarcyzk . “As our complaint states, the defendants used social media to amass a large following of novice investors and then took advantage of their followers by repeatedly feeding them a steady diet of misinformation, which resulted in fraudulent profits of approximately $100 million,” said Joseph Sansone, chief of the SEC Enforcement Division’s Market Abuse Unit, in announcing the charges.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Variety /  🏆 108. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SEC says 8 social media influencers used Twitter and Discord to manipulate stocksJUST IN: The SEC has charged eight influencers with securities fraud after they were part of a $100 million scheme to use Twitter and Discord to manipulate the price of certain stocks, the agency says.
Read more »

Atlas Trading founders targeted by SEC for alleged fraud via Twitter and DiscordThe founders of Atlas Trading and several alleged co-conspirators have been accused of stock manipulation, using Twitter and Discord, by the SEC.
Read more »

Discord users can soon verify their identities with linked accounts | EngadgetDiscord's Connections feature will offer a way for folks to verify their identity using accounts on other platforms.
Read more »

Discord leans on linked accounts to verify who you are and what you can accessDiscord’s Linked Roles help sort people into channels.
Read more »

SEC alleges $100 million stock manipulation scheme via social mediaThe Securities and Exchange Commission has filed a lawsuit against eight individuals who allegedly earned $100 million via stock manipulation.
Read more »