No cryptocurrencies or other digital assets were mentioned in the complaint.
The United States Securities Exchange Commission filed a claim against eight individuals associated with Atlas Trading, a Discord-based forum. The forum’s co-founders, affiliated podcasters and Youtubers are being alleged of stock manipulation.with the U.S. District Court Southern District of Texas on Dec. 13. The regulator accuses the defendants of violating Section 17 of the Securities Act and Section 10 of the Securities Exchange Act.
According to the SEC, bloggers made no less than $100 million by acquiring substantial positions in some securities, recommending those stocks to their followers and then selling their shares into the demand that their “deceptive promotions” generated. Alzamend Neuro, Torchlight Energy Resources and ABVC companies were cited as examples of fraudulent stock promotion.
The list of defendants includes Edward Constantin , a co-founder of Atlas Trading; the “CEO” of the same forum, Perry Matlock; the authors of a YouTube channel “Goblin Gang,” Thomas Cooperman and Gary Deel; the hosts of the “Pennies: Going in Raw” podcast, Mitchell Hennessey and Daniel Knight; the founder of Sapphire Trading forum, John Rybarcyzk; and a Twitter influencer Stefan Hrvatin .
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