Alleged $100M stock manipulation scheme leads to charges against social media influencers
By News Editors // Dec 16, 2022

Eight social media influencers have been charged by the The Securities and Exchange Commission involving $100 million in securities fraud.

(Article by Margaret Flavin republished from

It is alleged that the group used a “pump and dump” scheme to manipulate stock prices using social media platforms, aided by podcasters touting stock-trading.

According to Investopedia:

Pump-and-dump is a manipulative scheme that attempts to boost the price of a stock or security through fake recommendations. These recommendations are based on false, misleading, or greatly exaggerated statements. The perpetrators of a pump-and-dump scheme already have an established position in the company’s stock and will sell their positions after the hype has led to a higher share price.

Named in the complaint are Perry Matlock, Edward Constantin, Thomas Cooperman, Gary Deel, Mitchell Hennessey, Stefan Hrvatin and John Rybarczyk.  It is alleged that they were aided by Daniel Knight, co-host of a popular stock-trading podcast.

According to The Hollywood Reporter:

The complaint accuses the influencers of recommending stocks they had purchased and said that they intended to hold to their legion of followers. Instead, they sold their shares when prices and trading volume surged without disclosing plans to dump the securities.

The SEC alleges that the defendants executed the scheme by first identifying a security to manipulate and sharing the name of the stock with others in the group, providing each other the opportunity to purchase shares at lower prices prior to manipulation. They next promoted the stock to their followers in order to generate demand and inflate the share price, often including false or misleading news about the securities they were promoting.

“Typically, the Primary Defendants announced price targets, teased upcoming news about the company, and/or stated their intention to buy shares or hold their current positions for longer periods,” reads the complaint filed in Texas federal court on Tuesday.

In order to cover up their scheme, which ran from at least January 2020, the influencers deleted old tweets and Discord chats, according to the complaint.

The suit claims the influencers manipulated the share prices of Camber Energy, Alzamend Neuro and Vislink Technologies, among others.

“To their legions of followers on social media, the eight defendants have, for years, promoted themselves as trustworthy stock-picking gurus,” the complaint reads. “In reality, they are seasoned stock manipulators.”

The complaint claims violations of the Securities Act and the Securities Exchange Act. The SEC seeks permanent injunctions, disgorgement, prejudgment interest and civil penalties against each defendant, as well as a penny stock bar against Hrvatin.

Read more at:

Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Embed article link:
Reprinting this article:
Non-commercial use is permitted with credit to (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more. © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.