Pump and Dump Schemes are Now Totally Legal

Patrick Boyle On Finance

Patrick Boyle

Investing, Business

4.9 • 320 Ratings

🗓️ 21 July 2024

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Send us a textA Texas District Judge Andrew S. Hanen has dismissed all charges against seven social-media influencers the SEC and Justice Department had accused of perpetrating a “stock manipulation scheme” on Twitter and Discord, ruling that the prosecution failed to state an offense in a case alleging securities fraud. The influencers were accused of securities fraud through a Pump and Dump scheme as they posted on social media that they owned or were buying various penny stocks but did not...

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1:00.6	Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring
1:06.1	ideas from quantitative finance, examining events occurring in markets right now and financial history
1:12.2	to see what lessons can be taken away, including interviews with some of the most interesting
1:17.5	people in the world of finance. To learn more about the podcast, visit onfinance.org.
1:40.6	Back in December 2020, I covered the story of 80 US-based social media influencers charged with conspiracy to commit securities fraud for a social media-based pump and dump scheme.
1:45.3	One of them appears to have done some rapping, which is why I covered the story.
1:52.5	The influencers had ripped jeans, tattoos, McLarencars, those watches that online scammers always wear, and contrasting facial hair. They had a YouTube channel called The Goblin Gang,
1:59.2	which claimed to show you what it's like to be a multi-millionaire day trader,
2:03.6	and a podcast called Pennies Going in Raw, where I imagine they discussed DCF models and stock valuation methods.
2:12.6	I haven't actually listened to it, not really interested in that stuff.
	...

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