JAKARTA - US prosecutors on Wednesday, November 14 said they had charged eight people in a securities fraud scheme. In addition, it also accused them of reaping about US$114 million from using Twitter and Discord to manipulate stocks.
According to prosecutors in South Texas District, the eight men allegedly claimed to be successful traders on social media platforms and were later involved in the so-called "pump and dump" scheme by selling certain stocks to their followers with the intention of throwing them away once prices went up.
The US Securities and Exchange Commission (SEC) said it had filed a civil charge against the defendants in the scheme. The SEC also claims that seven defendants used Twitter and Discord to increase shares. Meanwhile, the eighth person was charged with assisting and conspiring with his podcast scheme.
"The fraud of securities sacrifices innocent investors and undermines the integrity of our public market," said Assistant Attorney General Kenneth Polite, of the Justice Department's Criminal Division.
The parties charged are four residents of Texas, Edward safescu, Perry Matlock, John Rybarczyk and Dan Knight. Two residents of California Gary Deel and Tom Cooperman, Stefan Hrvatin of Miami and Mitchell Hennessey of Hoboken, New Jersey.
Matlock pleaded not guilty after being arrested on Tuesday, December 13, according to a court filing. But his lawyer did not immediately respond to a request for comment.
Rybarczyk and Deel did not immediately respond to requests for comment from Reuters. Others could not immediately be reached.
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