Social media influencers charged in $114M ‘pump and dump’ stock scheme

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Social media influencers charged in $114M ‘pump and dump’ stock scheme
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The SEC alleged they reaped about $114 million from by using Twitter and Discord to manipulate stocks.

US prosecutors on Wednesday said they have charged eight individuals in a securities fraud scheme, alleging they reaped about $114 million by using Twitter and Discord to manipulate stocks.

“Securities fraud victimizes innocent investors and undermines the integrity of our public markets,” said Assistant Attorney General Kenneth Polite of the Justice Department’s Criminal Division.

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