$100 Million Pump & Dump Scheme!
Federal prosecutors and the SEC recently charged seven Influencers with using Twitter, Discord and YouTube to commit securities fraud that netted them more than $100 million. An eighth influencer was charged with aiding and abetting the alleged scheme in the SEC’s civil complaint and with conspiracy to commit securities fraud in the Department of Justice’s criminal case. Each of the defendants had well over 100,000 Twitter followers as of this month, they ran a podcast called "Pennies: Going In Raw" and a YouTube channel called "Goblin Gang". Pump and dump (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. "Pump and dump" schemes have two parts. In the first, promoters try to boost the price of a stock with false or misleading statements about the company. Once the stock price has been p...