Atlas Trading Founders Accused Of Social Media Fraud By SEC

The founders of Atlas Trading and many suspected co-conspirators have been charged of stock manipulation by the US Securities and Exchange Commission.

The SEC claims in the lawsuit, filed late Tuesday in the United States District Court for the Southern District of Texas, that the group promoted themselves as stock-picking experts to their legions of followers on Twitter and Discord. Crypto and NFT transactions were also often discussed and encouraged on Atlas Trading’s Discord server.

Atlas Trading founders Edward Constantin, or @MrZackMorris on Twitter, and Perry Matlock, @PJ Matlock on Twitter, are believed to have collaborated with numerous other persons to inflate small-cap stock share prices artificially.

“They were aided and abetted by Daniel Knight, who, with Hennessey, co-hosted a popular stock-trading podcast that promoted the other defendants as expert traders and provided a platform for other defendants to deceptively promote the stocks they intended to dump,” the SEC alleged in its complaint.

According to the SEC, the gang made over $100 million in a fraudulent operation to defraud investors over a three-year period.

Several tweets from the defendants are included in the lawsuit, including rude braggadocio about luxury automobiles and other goods, as well as images of numerous MclClaren and Lamborghini supercars.

To prey on clients, the defendants used several names and websites throughout social media.

The Commission seeks a permanent injunction against the defendants prohibiting them from engaging in the sort of business charged in this complaint; disgorgement of all ill-gotten earnings; and an order prohibiting Hrvatin from participating in any penny stock offering.

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Harold

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