Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.

The SEC announced charges earlier this week against eight social media influencers in a

hundred million dollar securities fraud scheme, where these influencers are accused of using

Twitter and Discord to manipulate exchange traded stocks.

There are federal criminal charges being brought against them in Texas, too.

Seven of the accused influencers promoted themselves as successful traders on social media, cultivating

hundreds of thousands of followers.

I know what you're asking.

How did these accused, but innocent until proven guilty, fraudsters attract hundreds of thousands

of followers to scam?

Well, let's look at their names.

We've got Perry, Edward,

Thomas, Gary, Mitchell, Stefan and John. They're all guys, so there can only be one way.

There'll be pictures of cars, right? That's it, right? In the SEC complained, pictures of cars.

And not just cars, the worst kind of influencer cars, wrapped

cars.

I don't know what it is about fraud victims, but they love a car with a gaudy rap.

Look at that.

And McLaren Longtailed a 765.

Here's a quick tip.

If you're going to be ripped off with investment advice from an influencer, be wary of investment advice from anyone who owns a McLaren.

Nothing depreciates like a McLaren.

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