{"id":1775736,"date":"2022-12-15T06:30:35","date_gmt":"2022-12-15T11:30:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1775736"},"modified":"2022-12-15T07:18:29","modified_gmt":"2022-12-15T12:18:29","slug":"eight-social-media-influencers-charged-by-the-sec-with-securities-fraud","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/eight-social-media-influencers-charged-by-the-sec-with-securities-fraud\/","title":{"rendered":"Eight Social Media Influencers Charged by the SEC With Securities Fraud"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feight-social-media-influencers-charged-by-the-sec-with-securities-fraud%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1775736&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/justthenews.com\/sites\/default\/files\/styles\/social_media_share\/public\/2022-12\/GettyImages-1230842306.jpg?h=a31d927f&#038;itok=cIagXMgR\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>The Securities and Exchange Commission on Wednesday announced charges against eight &#8220;social media influencers&#8221; in what the agency said was a coordinated effort to manipulate stocks via multiple Internet platforms.\u00a0<\/p>\n<p>The agency <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-221#.Y5nZK4d-XGE.twitter\">said in a press release<\/a> those charged where involved in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to &#8220;manipulate exchange-traded stocks.&#8221;<\/p>\n<p>The SEC also said seven of them &#8220;promoted themselves as successful traders and cultivated hundreds of thousands of followers on Twitter and in stock trading chatrooms on Discord,&#8221; after which they purchased certain stocks, then &#8220;encouraged their substantial social media following to buy those selected stocks by posting price targets or indicating they were buying, holding, or adding to their stock positions.&#8221;<\/p>\n<p>Following a jump in targeted stock prices, the SEC claims, the influencers &#8220;regularly sold their shares without ever having disclosed their plans to dump the securities while they were promoting them.&#8221;<\/p>\n<p>The eighth person named lives in Texas and is charged with &#8220;aiding and abetting the alleged scheme.&#8221;<\/p>\n<p>The seven named individuals are\u00a0Perry Matlock,\u00a0Edward Constantin,\u00a0Mitchell Hennessey,\u00a0Stefan Hrvatin,\u00a0John Rybarcyzk,\u00a0Gary Deel and\u00a0Thomas Cooperman; the eighth named man from Texas is Daniel Knight.<\/p>\n<p>&#8220;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,&#8221; SEC investigator Joseph Sansone said in the press release.<\/p>\n<p>&#8220;Today\u2019s 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,&#8221; he added.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission on Wednesday announced charges against eight &#8220;social media influencers&#8221; in what the agency said was a coordinated effort to manipulate stocks via multiple Internet platforms.\u00a0The<\/p>\n","protected":false},"author":1,"featured_media":1775739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,3649,6909,9181,4188,3819,4062,5127],"class_list":["post-1775736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-charged","tag-fraud","tag-influencers","tag-media","tag-report","tag-securities","tag-social"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1775736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1775736"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1775736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1775739"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1775736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1775736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1775736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}