• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

U.S. SEC obtains asset freeze to halt alleged penny stock scheme on Twitter

Reuters / 1 min read.
October 27, 2021
floq.to/0218r

By Katanga Johnson and Kanishka Singh

(Reuters) -The U.S. Securities and Exchange Commission (SEC) said on Tuesday it obtained an injunction and asset freeze against a man behind a popular Twitter account that promoted the trading of penny stocks before selling them at inflated prices.

The SEC alleges that since at least December 2019, Steven Gallagher, 50, of Maumee, Ohio, manipulated stocks by sending thousands of tweets using his handle @AlexDelarge6553 to encourage his numerous followers to buy stocks in which Gallagher had secretly amassed holdings, according to the complaint https://bit.ly/3bgJua1.

“The complaint alleges that Gallagher used his followers for his own financial gain, tweeting out false advice to pump up the price of stocks he owned, so he could sell for a profit,” said Richard Best, director of the SEC’s New York Regional Office. “This case is a reminder that investors should be wary of taking financial advice from unverified sources on Twitter and other social media platforms.”

The SEC said it has imposed a permanent injunction, disgorgement, prejudgment interest, civil penalties and a freezing of Gallagher’s assets.

A representative of Gallagher could not immediately be reached for comment.

The U.S. Department of Justice also said in a related charge that Gallagher had been arrested for additional violations, including wire fraud and market manipulation, after he gained over 70,000 followers related to the same pump-and-dump scheme. The charge also specified that Gallagher earned over $1 million in profit.

The SEC’s charges come after the agency in February suspended trading in the securities of 15 companies because of “questionable trading and social media activity.”

The top markets watchdog has also pushed to address soaring interest by retail investors fueled by social media platforms, most notably in the January surge and subsequent plunge of GameStop Corp’s share price.

(Reporting by Kanishka Singh in Bengaluru and Katanga Johnson in WashingtonEditing by Leslie Adler and Matthew Lewis)

Categories: News
Tags: BI, share, social, social media

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs
Host your website with Managed WordPress for $1.00/mo with GoDaddy!

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital environment experience future Google+ government industry information learning machine learning market mobile Musk news Other public research sales security share social social media software strategy technology

News

  • EU examines Nvidia-dominated AI chip market’s abuses – Bloomberg News
  • Valkyrie Funds halts ethereum purchases for exchange-traded fund
  • China’s Huawei sets up commodities hedging team in Singapore, Hong Kong
  • Tesla’s deliveries expected to fall on plant shutdowns, soft demand
  • China to waive security checks for some data exports
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics app application Artificial Intelligence BI Big Data business China Cloud Companies company costs crypto customers Data design development digital environment experience future Google+ government industry information learning machine learning market mobile Musk news Other public research sales security share social social media software strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!