Page 36 - Fraud Section News Today

Eight social media influencers, four from the Houston area, have been accused of using their social media presence to commit securities fraud.

Vijesh Patel, M.D.

The eight defendants in the federal investigation stand accused of making more than $100 million from manipulating stocks on social media.

<p><span>A federal grand jury in the Southern District of Texas returned an indictment that was unsealed yesterday charging eight men with conspiracy to commit securities fraud for a long-running, social media-based “pump and dump” scheme.</span></p>

<p><span>The Securities and Exchange Commission today announced charges against eight individuals in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to manipulate exchange-traded stocks.</span></p>

The bros from the Atlas Trading Discord channel are in deep trouble with the SEC for using their collective social media followings on Twitter to manipulate stocks.

The defendants allegedly used Twitter and Discord to promote stocks without disclosing alleged plans to sell once the prices rose.

The SEC announced fraud charges on Wednesday against seven self-proclaimed “FinTwit” financial gurus.

The Securities and Exchange Commission has charged seven social media influencers with securities fraud after they allegedly used Twitter and Discord to manipulate exchange-traded stocks.

Defendants allegedly used Twitter and Discord to promote stocks without disclosing alleged plans to sell once the prices rose.