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DOJ alleges 8 Americans used social media to make $114M in 'pump and dump' investment scheme

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The Department of Justice has indicted eight social media influencers for allegedly utilizing their wide reach to 'pump and dump' securities at the cost of investors.

Department of JusticeThe DOJ on Wednesday released a statement on the case, which names Edward Constantinescu , Perry Matlock, John Rybarczyk, Gary Deel, Stefan Hrvatin, Tom Cooperman, Mitchell Hennessey and Daniel Knight as defendants.

"The defendants collectively had over 1.5 million followers on Twitter to whom they allegedly disseminated false and misleading information about the securities that they pumped and dumped as part of the charged scheme," the DOJ explained.According to the indictment, the group utilized multiple social media platforms —

 

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