DOJ, SEC Charge Eight Social-Media Influencers for Alleged Securities Fraud

DOJ, SEC Charge Eight Social-Media Influencers for Alleged Securities Fraud

Federal prosecutors and the Securities and Exchange Commission charged eight social-media influencers over an alleged stock-manipulation scheme in which they used their platforms to alter stock prices and illicitly make more than $100 million.

The criminal and civil complaints, both filed in the U.S. District Court for the Southern District of Texas, detailed accusations against these influencers of encouraging their followers online to buy certain stocks they had purchased without sharing their intent to dump them after share prices or trading volumes climbed. The SEC also accused an eighth person of aiding and abetting the operation.

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