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

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

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