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shortseller99 t1_j0rnweq wrote

Reply to comment by Blitzares in Social media influencers are charged with feeding followers ‘a steady diet of misinformation’ in a pump and dump stock scheme that netted $100 million by Wagamaga

Yep. It’s pretty crazy these guys weren’t sued by the SEC over a year and a half ago. Pretty sad. I remember thinking in mid 2020 “these guys will be in jail for securities fraud soon”. I was a little ambitious on the “soon” but rest panned out.

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Magnanimous- t1_j0robc5 wrote

The SEC was gutted under Trump. It not working is a feature not a bug.

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shortseller99 t1_j0rp2si wrote

May play a role but the SEC has been useless for decades my friend. They missed Madoff with all the evidence right in front of them, they let over the counter derivatives go wild in the years leading up to 2008, they’ve let tesla and Elon musk make a mockery of financial markets with blatant fraud (dating even pre trump), they’ve lot Chinese companies be publicly traded despite their awful track record of fraud and different auditing and accounting standards and it goes on. They’ve always been a joke.

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