8 Social-Media Influencers Charged In ‘Pump-And-Dump’ Scheme

  • Seven social media influencers and one podcast host were indicted in a federal court for allegedly using Twitter and Discord to pump and dump stocks to their millions of followers.
  • The influencers hyped certain stocks by posting misleading information and concealing their intent to sell the securities at an inflated press, according to a Department of Justice (DOJ) press release.
  • The scheme brought in approximately $114 million over the course of two years, the DOJ estimated.
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