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The former SEC official also underlined how "social media has become the virtual rope that many crypto bros (and sisters) use to hang themselves."
The conspirators used podcasts and social media to talk up stock prices to their large followings, then sold their shares, say court filings by the SEC.
A federal grand jury in the Southern District of Texas returned an indictment that was unsealed charging eight men with conspiracy to commit securities fraud for a long-running, social media-based “pump and dump” scheme.
WASHINGTON—Prosecutors said they have charged eight individuals in a securities fraud scheme, alleging they reaped about $114 million ...
A group of friends is facing decades in prison, accused of making millions of dollars in a stock market scheme that left others high and dry.