Tuesday, June 10, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

SEC Charges 8 Twitter Influencers In $100 Mn Stock Manipulation

by Pratik Bhuyan
December 14, 2022
in Cryptocurrency
Reading Time: 3 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


The Securities and Exchange Commission (SEC) has just announced that it will be filing charges against eight online influencers in connection with a $100 million securities fraud scheme. In this scheme, the defendants manipulated exchange-traded stocks by using the social media platforms like Twitter and Discord.

Pro Traders Or Manipulators?

In its lawsuit, which was submitted to the United States District Court for the Southern District of Texas, the SEC seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties against each defendant.

The SEC specially mentions Stefan Hrvatin, who goes by the Twitter username “@LadeBackk” as apart from facing the above charges, he will also be barred from trading penny stocks in the market.

Read More: Why XRP Lawsuit Is More Important Than Ever For SEC?

According to the SEC’s official announcement, seven of the eight defendants advertised themselves as accomplished traders and amassed hundreds and thousands of followers on Twitter and in stock trading chatrooms like Discord, starting around early January 2020.

The Grand Scheme

These seven defendants are accused of buying specific stocks and encouraging their sizable social media following to purchase those stocks by publishing price objectives or making it known that they were buying, holding onto, or growing their stock positions in them.

Read More: SBF Built A House Of Cards, Says SEC Chair

However, the complaint claims that as the share prices and/or trading volumes increased in the securities they were promoting, the individuals regularly sold their shares without even disclosing their intentions to do so.

SEC’s Official Stance

Joseph Sansone, the Chief of the SEC Enforcement Division’s Market Abuse Unit, officially states that,

As our complaint states, the defendants used social media to amass a large following of novice investors and then took advantage of their followers by repeatedly feeding them a steady diet of misinformation, which resulted in fraudulent profits of approximately $100 million

“Today’s action exposes the true motivation of these alleged fraudsters and serves as another warning that investors should be wary of unsolicited advice they encounter online.”, Sansone said.

The SEC’s ongoing investigation is being handled by Andrew Palid, David Scheffler, and Michele T. Perillo of the Market Abuse Unit (MAU).

Also Read: Crypto Expert Predicts Ethereum (ETH) Price; Time To Buy?

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



Source link

Tags: chargesInfluencersmanipulationSECStockTwitter
Previous Post

Soccer journalist Grant Wahl died of heart aneurysm at World Cup, autopsy shows

Next Post

New Social Platforms – The Reformed Broker

Related Posts

On-Chain Data Flashes Bullish: Is Bitcoin Ready for a 0K Comeback?

On-Chain Data Flashes Bullish: Is Bitcoin Ready for a $110K Comeback?

by Samuel Edyme
June 10, 2025
0

Bitcoin has resumed its upward trajectory, registering a modest 1.6% achieve during the last 24 hours to commerce at $107,428....

Ray Dalio Warns US Collapse Near as Debt and Discord Intensify

Ray Dalio Warns US Collapse Near as Debt and Discord Intensify

by Kevin Helms
June 10, 2025
0

Billionaire investor Ray Dalio warns the U.S. is nearing a catastrophic breaking level, as spiraling debt, social division, and financial...

Russian Crypto Founder Charged Laundering 0M Into US

Russian Crypto Founder Charged Laundering $530M Into US

by Cointelegraph By Brayden Lindrea
June 9, 2025
0

A crypto founder has been arrested in New York for allegedly utilizing his crypto agency, Evita Pay, to funnel round...

How UK crypto taxes work and what you need to know

How UK crypto taxes work and what you need to know

by Vivian Nguyen
June 9, 2025
0

Share this text Cryptocurrencies and crypto property are extra fashionable right this moment than they've ever been, particularly right here...

Dogecoin’s Chance of Running to Unprecedented Levels This Cycle Is High

Dogecoin’s Chance of Running to Unprecedented Levels This Cycle Is High

by Godspower Owie
June 9, 2025
0

Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure For the reason that starting of...

Kadena issues first grant from M real estate tokenization fund in Bank of England pilot

Kadena issues first grant from $25M real estate tokenization fund in Bank of England pilot

by Liam 'Akiba' Wright
June 9, 2025
0

Public PoW blockchain Kadena makes its first capital deployment from a $50 million grants program, backing UK startup CurveBlock within...

Next Post
New Social Platforms – The Reformed Broker

New Social Platforms - The Reformed Broker

How Gen Z Could Transform American Politics

How Gen Z Could Transform American Politics

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Greta Thunberg detained: Gaza-bound ship seized by Israel; ‘Madleen’ sprayed with white paint, communications jammed

Greta Thunberg detained: Gaza-bound ship seized by Israel; ‘Madleen’ sprayed with white paint, communications jammed

June 10, 2025
18 Foods That Can Keep You Feeling Full Longer Than a Protein Bar

18 Foods That Can Keep You Feeling Full Longer Than a Protein Bar

June 10, 2025
On-Chain Data Flashes Bullish: Is Bitcoin Ready for a 0K Comeback?

On-Chain Data Flashes Bullish: Is Bitcoin Ready for a $110K Comeback?

June 10, 2025
Analysis of X's new XChat shows that X can probably decrypt users' messages, as it holds users' private keys on its servers (Matthew Green/A Few Thoughts …)

Analysis of X's new XChat shows that X can probably decrypt users' messages, as it holds users' private keys on its servers (Matthew Green/A Few Thoughts …)

June 10, 2025
VOOG: The Quiet Performer In A Noisy Growth ETF Market (NYSEARCA:VOOG)

VOOG: The Quiet Performer In A Noisy Growth ETF Market (NYSEARCA:VOOG)

June 10, 2025
Bernie Sanders Says RFK Jr. Is Going To Kill Americans

Bernie Sanders Says RFK Jr. Is Going To Kill Americans

June 10, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Greta Thunberg detained: Gaza-bound ship seized by Israel; ‘Madleen’ sprayed with white paint, communications jammed

18 Foods That Can Keep You Feeling Full Longer Than a Protein Bar

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In