Pump And Dump Schemes Are Now Legal!

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A 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 state that they were selling the stock as their followers bought. In his ruling, Judge Hanen rejected the government’s argument that this constituted a crime and concluded that the defendants “did not deprive investors of their money or property through any misrepresentation.”

Professor Sue Guan Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4857628
SEC Press Release: https://www.sec.gov/newsroom/press-releases/2022-221
Court Opinion: https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rmMOgPQgozIw/v0

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