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Thursday, February 2, 2023

US SEC sues Atlas Trading over $100 million stock manipulation scheme

United States Securities and Exchange Commission (SEC) Filed a lawsuit against eight people associated with the Discord-based forum Atlas Trading. Forum co-founders, affiliated podcasters and YouTubers are being accused of stock manipulation.

The lawsuit was filed on December 13 in the Southern District Court of Texas. The regulator accuses the defendants of violating Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act.

According to SEC, Bloggers made no less than $100 million by taking substantial positions in certain stocks, recommending those stocks to their followers, and then selling their shares in response to the demand generated by their “misleading propaganda”., The companies Alzamend Neuro, Torchlight Energy Resources and ABVC were cited as examples of fraudulent promotion of securities. The complaint did not mention cryptocurrencies or other digital assets.

The list of accused includes the co-founder of Atlas Trading, Edward Constantin, aka Mr. Zack Morris, the “CEO” of the same forum, Perry Matlock, the author of the YouTube channel Goblin Gang Thomas Cooperman, and the host of the podcast, Gary Deal, Gary Deal. : Going into the RAW podcast Michelle Hennessey and Daniel Knight, John Ryberczyk, founder of the Sapphire Trading Forum, and Stefan Hrvatin aka ​​Laydback, a Twitter influencer.

While Constantin, Matlock, Cooperman, Deal, Hennessy, Hrvatin and Rybarczak are described by the plaintiffs as “principal defendants”, Knight may have been an “accomplice” to the same., The Commission seeks a permanent injunction ordering Defendants to refrain from engaging in the type of practices alleged in the complaint, which could mean providing advice on securities trading.

The SEC recently charged former FTX CEO Sam Bankman-Fried with defrauding US clients and concealing embezzlement of client funds and took new steps to block Grayscale Investments’ efforts to launch an ETF on a bitcoin exchange (ETF). Been busy

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

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