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U.S. SEC charges 8 influencers in $100 mln stock fraud scheme

2022-12-14T14:35:24Z

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

The U.S. Securities and Exchange Commission (SEC) on Wednesday said it has charged eight individuals in a $100 million securities fraud scheme, alleging they used Twitter and Discord to manipulate stocks.

The SEC alleged that seven of the defendants purported to be successful traders on the social media platforms. The eighth individual was charged with aiding and abetting the scheme with his podcast.

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