Famous bloggers deceived their subscribers by posing as successful traders
The Securities and Exchange Commission (SEC) has filed a lawsuit against eight social media influencers for a $100 million stock manipulation scheme. They include co-founders, podcasters and YouTubers who used social media platforms including Twitter and Discord to manipulate stock stocks.
Beginning in January 2020, the defendants defrauded their subscribers by posing as successful traders. The allegations are based on buying certain stocks and encouraging subscribers to buy them. The SEC also said that when the prices of these shares rose, influential individuals immediately sold them without disclosing their motives.
Those indicted include John Rybarcyzk, creator of the Sapphire Trading forum, Edward Constantine (aka "MrZackMorris"), co-founder of Atlas Trading, "CEO" Perry Matlock, YouTubers Thomas Cooperman and Gary Deal, podcasters Mitchell Hennessy and Daniel Knight, and Stefan Hrvatin (also known as "LadeBackk").
Author Elina Linderman
