Eight finance influencers indicted in $100-million stock manipulation scheme

Eight influencers, based from California to Florida, promoted themselves on social media as financial gurus who could pick winning stocks.scheme, in which the perpetrators work to inflate the prices of stocks while pushing them as good investments before dumping them for profit.

Authorities believe that the defendants made at least $114 million through the scheme from January 2020 to April 2022.The maximum potential prison exposure from the eight-count criminal indictment filed against Bankman-Fried is 115 years, according to prosecutors. On Twitter, Cooperman and Deel billed themselves as multimillionaire day traders and co-founders of the YouTube channel “Goblin Gang.”

Edward Constantinescu, aka Constantin, 38, of Montgomery, Texas, also faces three counts of securities fraud and one count of engaging in monetary transactions in property derived from specified unlawful activity, prosecutors said.

Dang, they finally busted Elon, huh?

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Eight Personal Finance Influencers Were Charged With Fraud After Creating A $100 Million Stock Manipulation SchemeA complaint filed by the SEC stated that the influencers “bragged and laughed about making profits at the expense of their followers” in private chats.
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