A number of social media influencers were charged Wednesday with fraud related to a “pump-and-dump” scheme which unfolded across multiple social media platforms. But securities attorneys think the case’s use of additional resources and more technical agencies suggest a new level of collaboration in the social media enforcement space on behalf of the U.S. Securities and Exchange Commission.  

According to the criminal complaint filed in the Southern District of Texas District Court, defendants Perry Matlock, Edward Constantin, Thomas Cooperman, Gary Deel, Mitchell Hennessey, Stefan Hrvatin, and John Rybarcyzk used their massive social media following to coordinate the acquisition of shares, promote the shares to their followers, and then dump those shares for “substantial profits.” 

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]