On December 14, 2022, the Securities and Exchange Commission (“SEC†or the “Commissionâ€) announced charges against eight social media influencers in a $100 million securities fraud scheme, alleging that they manipulated the market through an arrangement of coordinated misrepresentations to their thousands of followers on Twitter and Discord (an instant-messaging social platform).
The defendants in this case are all members of a thriving subcommunity on social media and other platforms focused on finance and the stock market…
