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Eight social media influencers have been charged by the The Securities and Exchange Commission involving $100 million in securities fraud. (Article by Margaret Flavin republished from [...]
The SEC said that since January 2020, seven of the charged individuals promoted themselves as successful traders to their hundreds of thousands of social media followers.
The defendants were co-founders of the company named Atlas Trading. The company dealt with stock trading on Discord.
The conspirators used podcasts and social media to talk up stock prices to their large followings, then sold their shares, according to court filings by the S.E.C. and the Justice Department.
According to a release, the men charged in the scheme had over 1.5 million followers on Twitter, and allegedly used Discord to spread false information about