US prosecutors told a New York Criminal Lawyer that Facebook, Twitter, and other websites have been used to promote certain stocks in the fraud technique known as “pump and dump”. This fraud of about $7 million was discovered by authorities during a cocaine-trafficking probe.
The fraud was uncovered in a two-year probe to find suspected drug trafficking by longshoremen and others, sources told New York Criminal Lawyers. These drugs were coming in through the Port of New York and New Jersey.
New York Criminal Lawyers learned from the Manhattan US Attorney’s office that 11 out of 22 people charged used more than 15 websites, Twitter feeds, and Facebook pages to defraud those interested in investing into buying stocks that were then manipulated by others participating in the fraudulent activity.
Twitter and Facebook declined to comment on the matter to authorities or to New York Criminal Lawyers. Any statement they have on the matter may come out as the trial commences.
New York Criminal Lawyers have discovered documents filed in the Manhattan federal court stating the 11 were from New York, Florida, and Pennsylvania. They are suspected of creating website links that promoted picks in four penny stocks stated to be based upon the author’s expertise and independent research.
Court documents did not identify any of these stocks and New York Criminal Lawyers have been unable to uncover the exact details so far. If convicted, the individuals charged with fraudulent activity could go to prison for up to 20 years.
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