Social Media Stock Promoter with Penny Stocks Fraud Charged by SEC
USA: On February 7, 2022, The Securities and Exchange Commission (SEC) charged Michael M. Beck, having the Twitter account @BigMonkey6 for deceiving investors into buying Penny Stocks on his recommendation. As per the SEC, Stock Promoter secretly sells those shares and was in process of selling them after he recommend people to buy stocks.
Read the complete news on https://www.sec.gov/litigation/litreleases/2022/lr25325.htm
U.S Security and Exchange Commission tweeted;
Today we charged a social media stock promoter who told his millions of followers to buy penny stocks while he allegedly sold them to line his own pockets.https://t.co/j5EUmigTnq
— U.S. Securities and Exchange Commission (@SECGov) February 7, 2022
The investigation was conducted by Roberto Tercero and overseen by Marc Blau of the Los Angeles Regional Office. The SEC’s litigation will be led by Amy J. Longo. The Securities and Exchange Commission appreciates the assistance of the Financial Industry Regulatory Authority.
Earlier in October 2021, The Securities and Exchange Commission had an asset freeze of a man behind a popular Twitter account that was promoting the trading of penny stocks before selling them at inflated prices.