How many influencers have been charged with securities fraud?

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. The seven charged with securities fraud were also charged with conspiracy to commit securities fraud by the DOJ.

Did social media influencers get a $100 million scam?

The Securities and Exchange Commission charged eight social media influencers in a $100 million securities fraud scheme, according to a Wednesday press release . The regulator said the individuals used Twitter and messaging app Discord to promote stocks they had purchased, then would dump shares after telling their followers to buy them.

Did social media influencers run a stock trading scheme?

The US Securities and Exchange Commission and the Justice Department have charged eight social media influencers with running a stock trading scheme, government officials said Wednesday. According to the SEC, they manipulated stock trades using their platforms on Twitter and Discord and amassed profits of around $100 million.

What is the SEC's $100 million securities fraud scheme?

The SEC has filed charges against eight influencers for their involvement in a securities fraud scheme worth $100 million. According to the Securities and Exchange Commission, the men used social media platforms such as Discord and Twitter for stock manipulation.