Eight social media influencers and self-proclaimed day traders were charged with fraud for promoting a $100 million 'pump and dump' scheme.
Eight social media influencers and self-proclaimed day traders were charged with fraud for promoting a $100 million"pump and dump" scheme.
The Securities and Exchange Commission announced on Wednesday that it was charging the investors with securities fraud due to the eight men using their large followings on Twitter and Discord to encourage investors to buy certain stocks. As the prices rose, the influencers then sold the shares without disclosing their plans to do so.
The charges serve as"another warning that investors should be wary of unsolicited advice they encounter online," Sansone concluded.
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