8 charged in $114 million pump-and-dump stock scheme on Discord and Twitter

Dec 14 2022 by Engadget

The US government just clamped down on a prominent online financial fraud. A federal grand jury and the Securities and Exchange Commission have charged eight men with allegedly operating a stock pump-and-dump scheme on Discord and Twitter between January 2020 and April 2022. They reportedly used their social media presences (including a combined 1.5 million Twitter followers) to artificially inflate the value of stocks, only to sell their shares without disclosing their plans. They made a...

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