Group of Financial Influencers BUSTED in Massive Fraud Scheme
December 19, 2022
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8:24Now PlayingGroup of Financial Influencers BUSTED in Massive Fraud Scheme
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as posted by the channelA group of online financial gurus has been indicted for a giant pumpanddump scheme. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"If you have ever heard the words “this is not financial advice” or “this is not stock advice” when scrolling through TikTok or YouTube, you can be sure the next several minutes will be devoted to doing exactly that. Now federal law enforcement alleged that several financial influencers followed by hundreds of thousands of would-be traders were using their fans to bet big on stock trades, all the while expecting to cash out before prices tanked.
In an unsealed 44-page indictment filed in the U.S. District Court for the Southern District of Texas, a grand jury charged eight financial influencers in a large-scale securities fraud conspiracy that racked up over $114 million over a little less than two years. The U.S. Department of Justice alleged these influencers went by handles like “PJ Matlock” AKA Perry Matlock, “DipDeity” AKA Daniel Knight, and “LadeBackk” AKA Stefan Hrvatin. Federal law enforcement said all of these accounts hyped up certain companies by posting false info to their thousands of followers on Discord and Twitter and through podcast appearances, all while planning to dump their shares when the stock price became inflated.
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