U.S. authorities say at least eight social media influencers have been charged in what has been described as a securities fraud scheme to manipulate stocks.
U.S. authorities announced on Wednesday that at least eight individuals were charged in what has been described as a securities fraud scheme to manipulate stocks.
The"pump-and-dump" scheme, as it has been called, would see the individuals allegedly encourage followers to buy specific stocks as they promoted themselves as successful traders on the platforms. Those named in the SEC’s complaint were Perry Matlock , John Rybarcyzk and Edward Constantin of Texas.
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