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U.S. authorities charge 8 social media influencers in securities fraud scheme
WASHINGTON, Dec 14 (Reuters) - U.S. prosecutors on Wednesday said they have charged eight individuals in a securities fraud scheme, alleging they reaped about $114 million from by using Twitter and Discord to manipulate stocks.
The eight men allegedly purported to be successful traders on the social media platforms and then engaged in a so-called "pump and dump" scheme by hyping particular stocks to their followers with the intent to dump them once prices had risen, according to prosecutors in the Southern District of Texas.