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  4. SEC Charges Eight Social Media Influencers With Stock Scam
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SEC Charges Eight Social Media Influencers With Stock Scam

SEC charges eight social media influencers in a stock manipulation scheme.In total, they gained at least $100 million through ill-gotten gains.Misinformation was fed to novice...
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SEC Charges Eight Social Media Influencers With Stock Scam SEC Charges Eight Social Media Influencers With Stock Scam

  • SEC charges eight social media influencers in a stock manipulation scheme.

  • In total, they gained at least $100 million through ill-gotten gains.

  • Misinformation was fed to novice followers and influencers through Discord and Twitter.

The Securities and Exchange Commission (SEC) and Department of Justice (DOJ) charged eight celebrities on Twitter and Discord in an alleged $100 million stock manipulation scheme, also known as “pump and dump.”

According to a press release by SEC, seven of the defendants promoted themselves as successful traders and lured thousands of followers on Twitter and Discord. The defendants allegedly purchased stock and encouraged their followers to buy the selected stocks, indicating they were buying, holding, or adding to their stock positions.

It further reads,

When share prices and/or trading volumes rose in the promoted securities, the individuals regularly sold their shares without ever having disclosed their plans to dump the securities while they were promoting them.

Additionally, the eighth defendant, Daniel Knight, was alleged of assisting and promoting the scam on his podcast, “Pennies: Going in Raw.”

According to the court documents, in January 2020, they began the scheme and cultivated large followings on Twitter and trading chat rooms on Discord.

Further, th ...

The post SEC Charges Eight Social Media Influencers With Stock Scam appeared first on Coin Edition.

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01-05-2024 10:45:17 (UTC+7)

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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Indicators:

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

-7.10 (-0.31%)

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26.677

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4.5305

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81.14

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Brent Oil Futures

85.62

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Indicators:

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Hang Seng

17,763.03

+16.12 (+0.09%)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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BASF SE NA O.N.

49.155

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Deutsche Lufthansa AG

6.714

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175.90

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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SJC Eximbank8,300/ 8,500
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