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Eight social media influencers were charged with a security fraud scheme, allegedly reaping $114 million

David Paul Morris/Bloomberg via Getty Images(NEW YORK) -- "We're going to keep growing and making a lot of money," social media influencer Zack Morris said during a Dec. 11 recording on Twitter. "I never dump on my followers...." he tweeted in February. Morris, whose real name is Edward Constantinescu, might not be making so much money anymore. The Justice Department announced on Wednesday that it had charged him and seven other men with what's known as a "pump and dump" scheme that made more than $114 million collectively. The eight suspects have pleade...

WASHINGTON (Reuters) -U.S. prosecutors on Wednesday said they have charged eight individuals in a securities fraud scheme, alleging they reaped about $114

<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 &ldquo;pump and dump&rdquo; scheme.</span></p>

The SEC and U.S. prosecutors filed cases against eight influencers, including two in California, accusing them of using Twitter and Discord to manipulate stocks.