RIP Atlas Trading

Federal prosecutors said in a news release that the eight suspects are accused of using their online followings to spread "false, positive information" about securities they purchased, such as their "view that the security would increase in price, and the price the security could reach—to induce other investors to buy the security and artificially drive up its price."

The men would also post "misleading" messages including about holding onto a security longer than they were going to and that they did "due diligence" on the security, the Justice Department alleged.

The defendants collectively had 1.5 million followers on Twitter, including Constantinescu, who has more than 500,000 followers.

The men then allegedly "secretly sold their own shares of the security at a higher price to secure a profit for themselves, at or around the time they posted messages to induce other investors to purchase the same security and concealed their intent to sell," the indictment, in the Southern District of Texas, states.

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GiraffeBurgersAndFries said:

Social media stock influencers accused of $114M 'pump and dump' scheme



9-figure pump and dump group gone! More to come most likely, I can think of a few crews that do the same

Step 1. Amass a large social following
Step 2. Front load on some shit co
Step 3. Ping your sheep and dump on them while they FOMO

I suppose this is a reminder to beware what advice you take!!! Ain't really no friends in the markets. Lonely dog eat dog game. Now feds eat dog!

I'm getting back to my spreadsheets now... Merry Christmas ya filthy animals

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