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HomeMarketSEC alleges $100 million stock manipulation scheme via social media

SEC alleges $100 million stock manipulation scheme via social media

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The Securities and Exchange Commission has filed a lawsuit against eight individuals who allegedly earned $100 million via stock manipulation.

Charges were filed against social-media users including Edward Constantin, whose Twitter account @MrZachMorris has more than 550,000 followers, and who is the co-founder of Atlas Trading.

According to the SEC, the group published false and misleading information in online stock-trading forums, podcasts and Twitter accounts. The SEC said the eight sometimes discussed their plans over Discord voice chats which they thought were private but were being recorded.

Daniel Knight, per the SEC complaint, said “we’re robbing f*cking idiots of their money,” as they discussed the alleged manipulation of GTT Communications
GTTNQ,
,
which at the time was listed on the New York Stock Exchange.

The SEC said other stocks that were manipulated include Camber Energy
CEI,
-1.50%,
Alzamend Neuro
ALZN,
-0.93%,
Vislink Technologies
VISL,
+0.58%,
Torchlight Energy Resources and ABVC Biopharma
ABVC,
+0.14%.

No attorneys have been listed for the defendants. Constantin, on his Twitter account, posted this reaction.

Credit: marketwatch.com

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