Social: Social media influencers charged in “pump and dump” stock trading scheme

Social: Social media influencers charged in “pump and dump” stock trading scheme

The defendants allegedly used Twitter and Discord to promote stocks without disclosing alleged plans to sell once the prices rose.

Source: SEC, DOJ charge social media influencers in alleged $100 million fraud scheme

In a similar vein, FTX gave a lot of promotional money to various social media influencers who pushed cryptocurrency trading schemes.

In a different scam, a Hong Kong-based company was running a business called Established Titles, which purportedly sold 1 square foot of land parcels that gave the recipient the right to use a Lord or Lady title. The business was a scam; tiny land parcels could not be registered in your name and there was no such law granting landowners a Lord or Lady title. Youtuber Scott Shafer (and others) took them down. Many social media influencers accepted promotional payments from this firm to promote this scam.

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