CNN —
A federal judge has dismissed an indictment against seven Twitter users and a podcaster accused of running a $100 million stock manipulation scheme over social media.
The Securities and Exchange Commission did not do enough to describe the influencers’ activities as a “scheme to defraud,” wrote District Judge Andrew Hanen of the US District Court for the Southern District of Texas, in an order dated Wednesday.
In the lawsuit, the SEC had alleged a lucrative “pump-and-dump” scheme in which the social media influencers used the messaging app Discord to promote certain stocks to “hundreds of thousands
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