According to the US Securities and Exchange Commissions, eight people have been charged with defrauding a stock for $100 million, alleging that they manipulated their followers with their scam on Twitter and Discord.
Twitter ve on Discord The scam began in January 2020, when seven people “proclaimed themselves as successful traders and gained hundreds of thousands of followers on Twitter and in stock trading chat rooms on Discord.”
They then begged their social media followers, estimated at hundreds of thousands, to buy the shares and invest in Twitter and Discord. These influencers expressed that they had specific price points they wanted to reach and asked their followers to buy the stock to essentially help them reach that point. They allegedly gave a lot of false information to manipulate followers.
But they sold their shares of Twitter and Discord scams without communicating with their large community of loyal followers. In Layman's words, they used their followers to increase the price of a stock, lied by negligence, and manipulated hundreds of thousands of followers to make quick money themselves. The amount of profit claimed is estimated at $100 million.
Official press release All the names of the defendants and their social media accounts were made public:
Name | Residence | |
Perry Matlock | Teksas | @PJ_Matlock |
Edward Constantine | Teksas | @MrZackMorris |
thomas cooperman | California | @ohheytomy |
Gary Deel | California | @notoriousalerts |
Mitchell Hennessey | New Jersey | @Hugh_Henne |
Stefan Hrvatin | Florida | @LadeBackk |
John Rybarczyk | Teksas | @Ultra_Calls |
Press release of the US Securities and Exchange Commission According to a report, “The complaint also accuses Texas native Daniel Knight (Twitter @DipDeity) of aiding and abetting the alleged plot by hosting a podcast he promotes, among other things. Many of the other people as expert traders and provided them a forum for manipulative statements.
The SEC, also known as the Securities and Exchange Commission, filed its complaint in the U.S. District Court for the Southern District of Texas, seeking “permanent injunctive relief, injunctive relief, injunction interest, and civil penalties against each defendant, as well as a penny stock against Hrvatin. ”
Investigations are still ongoing.