JUST 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.
they were part of a $100 million scheme to use social media platforms Twitter and Discord to manipulate the price of certain stocks.
After purchasing the stocks and encouraging their followers to do the same, the defendants “regularly sold their shares without ever having disclosed their plans to dump the securities while they were promoting them,” the SEC said in a news release. According to the SEC, the scheme occurred in three phases: The group would identify a stock and organize purchases at a lower price prior to the alleged manipulation. They would then promote the stock to their followers and inflate the share price, announcing price targets and teasing upcoming news about the company. They would then sell their shares into the demand generated by their hyping, creating a profit.
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