SEC Files Lawsuit Against Firm for $100 million Stock Scam
The U.S. SEC (Securities and Exchange Commission) has filed a lawsuit against eight individuals from Atlas Trading for a $100 million stock manipulation scheme. The eight individuals include the firm’s co-founders, podcasters, and YouTubers. The SEC submitted the filing to the U.S. District Court for the Southern District of Texas. The defendants are charged with breaking both Section 10(b) of the Securities Exchange Act and Section 17(a) of the Securities Act. The SEC claimed that bloggers who took significant holdings in certain stocks profited at least $100 million . The defendants recommended certain positions to their followers. Afterward, they sold their shares in response to the demand they created. Alzamend Neuro, Torchlight Energy Resources, and ABVC companies were some of the cited fraudulent stocks. There was no mention of crypto or other digital assets in the case. The list of defendants includes Edward Constantin (aka “MrZackMorris), a co-founder of Atlas Tr...