US prosecutors and the SEC announced they have charged eight individuals in a securities fraud scheme. Prosecutors allege that the men made $114 million by using Twitter and Discord platforms to manipulate stock prices. The scheme dates back to at least January of 2020.
The eight social media stock influencers purported to be successful traders, but in reality were running an elaborate pump and dump scheme by promoting specific stocks to their followers and dumping their shares when the prices had risen because of their promotion.
The complaint from the SEC reads: 'To their legions of followers on social media, the eight defendants have, for years, promoted themselves as trustworthy stock-picking gurus. In reality, they are seasoned stock manipulators.'
They would identify stocks ripe for manipulation, acquire substantial positions in these securities, and then recommend those stocks as good investments on their podcasts, in online stock-trading forums they ran, and to their one and a half million Twitter followers. Instead, the defendants sell their shares into the demand that their deceptive promotions generate.
By pumping the stock prices and then selling them off almost immediately, the men 'bragged and laughed about making profits of more than $100 million dollars at the expense of their followers'
However, the SEC says those charged created a mountain of evidence routinely discussing their schemes during Discord voice chats that they believed were private, but were being recorded.
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