SEC and DOJ Charged Eight Social Media Influencers in an Alleged $100 Million Stock Manipulation Scheme on Twitter and Discord

Knight and Henne are listed as cohosts on iHeartRadio’s “Pennies Going in Raw” stock market podcast. The description of the show includes the disclaimer “The podcast and references above are opinions and are only for information purposes.” This podcast is not intended as investment advice. For investment advice, consult a licensed professional. A representative for iHeartMedia stated that the company was investigating the allegations against the men.

Joseph Sansone (chief of the SEC Enforcement Division’s Market Abuse Unit), announced the charges. Today’s actions expose the motivations of these alleged fraudsters. It also serves as a warning to investors that they should not trust any unsolicited advice received online.

The SEC filed a complaint in the U.S. District Court in the Southern District of Texas seeking permanent injunctions and disgorgement, prejudgment interests, civil penalties, as well a ban on Hrvatin.

The August investor alert by the SEC’s Office of Investor Education and Advocacy was published at investor.gov.