Aaaaand nobody is shocked.

Cool, now do literally every other stock analyst.

Lmaooo blue tick verified and behind bars

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When all you consume is social media, then there's nothing else to base your decisions on. I read that children look for info on tiktok instead of Googling...

the sad reality is that a big part of gen z gets all their Information off of tiktok and such.

It's like getting vegan recipes from a lion.

Yeah, what a bunch of morons….. everyone knows you should use Reddit for stock advice.

If by children you mean people in their mid 20s, then yes, I read that too. Crazy to me that you'll take the advice of some influencer trying to farm clicks and referrals for your finance options.

If securities charges are any thing like what the big boys pay, this should work out nicely for these guys.

In finance crime really does pay.

Sooo the same thing that companies do normally. It's almost like the stock market is a scam.

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Is wagamaga here a social media influencer? with 10 million karma from bot posting to this and the science sub

Same story different day, different platform.

Then again if you listened to Jim Cramer about crypto and FTX I'd say Jim is an influencer too.

Reddit?!? What a bunch or morons… everyone knows you should pay attention to CNBC and watch Jim Cramers Mad Money for stock advice.

But didn't Cramer lose money on FTX?

I'm not sure. He does say what he is invested in. I stopped watching him years ago cause it because a circus with his buy buy buy, sell sell sell etc and this is not what you want in a money manager with influence imo. For me it just became an entertainment show masked in grandioso financial expertise on a financial channel that didn't care about real people's money...aka 2008 and derivatives.

What do you mean influencers are tossers it can't be IT'S IMPOSSIBLE

How is Logan Paul not on the list?

Yeah whens Cramer getting charged?

These types of crimes will result in hefty fines (and likely jail time), but also the perpetrators will be required to “disgorge” any profits they made from the scheme and any property purchased with the proceeds can be confiscated.

It most likely will not end well for these guys.

wait wait, its not illegal if you do it on discord , or was that minecraft ? /s

No love for Cramer here- but he wasn’t buying low volume shit penny stocks- then waiting and telling his 100k followers to buy to send the price higher then selling his shares to them.

Patrick’s delivery is too funny to miss. https://youtu.be/_WdfLc8H3rg

It’s Boiler Room with better technology

I think it's more early 20s and teens than mid 20s. Source: mid-20s, most people I know don't use tiktok

CNBC?!? What a bunch of morons… everyone knows you should pay attention to a non-fiduciary financial product salesperson, whoops I mean, “advisor.”

I was expecting him too.

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> In 2020, actor Steven Seagal agreed to pay more than $300,000 as part of a similar settlement with the SEC, which also banned him from promoting investments for three years.

If you really take your financial advice from Steven Seagull then you kinda deserve to be bankrupt.

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The difference is jim cramer is somewhat qualified despite being so consistently wrong, to give financial advice. He actually studied finance at Harvard and worked at Goldman Sachs and other hedge funds.

Hes not some tool on tiktok who has literally zero business giving any advice to anyone.

If you’re stupid enough to ‘follow’ influencers you deserve to lose money. Grow up.

Funny how the stock short sellers do exactly the same things or worse and no one says a word?

What about companies profiting from ads which are absolute scams?

Please provide some examples

Sure, why not.

And they don’t want to pay for journalism from reputable sources.

Twitter, and the financial subset of Twitter referred to as "fintwit", is an invaluable resource for fast news alerts that affect the stock market. Unless, ya know, you've got the money for a Bloomberg Terminal.

Funny when stock short sellers do it it is not a problem?

If you do the opposite of what Cramer says you're more likely to make money than you are following his advice. He's a fucking joke.

Protip: If someone on social media or TV is telling you to invest in something, it's already too late to get in. Likewise, by the time any development that could affect stock price hits the news, it's already been factored in by the market.

Protip #2: No one will ever tell you about a legit opportunity because the more people who know the less money they'll make.

Protip #3: If you invest in something you know is a pump n' dump and you're not the guy running the pump n' dump, you're the sucker who's getting fleeced.

Well now that social media has become a majority of actual media probably somewhat sympathetic.

Hell people have been taking stock tips from Jim Cramer for years and he is mainstream.

John Steward had a pleasant conversation with Jim Cramer shortly after the financial World collapsed. Check it out.

Fortune favors the brave. /s

Inverse WSB and Inverse Jim Cramer seem to be pretty solid strategies. Lol

So if someone from Goldman Sachs does this….bonus?

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He's not my favorite guy. But he's not paid by the securities themselves to deceive.

You're allowed to be wrong. You're not allowed to paid to be involved in a scheme to deceive.

Unfortunately good investment advice would make for a terrible daily television show. Informing people how to establish 10% annual returns over 30+ years on a diversified portfolio, isn’t as exciting as telling people about THE HOT NEW DISRUPTIVE TECHNOLOGY THAT COULD CHANGE [industry] FOREVER.

I’m grown up, and imo “He was stupid” is not a moral defense to fraud any more than “He was weak” is a moral defense to assault.

I generally agree - these "victims" are greedy assholes who think that they are about to pull one over on somebody else by knowing this secret insider pump information.

They thought they were going to make somebody else be a bagholder, but were instead the rubes holding the bags. I don't have a lot of sympathy for that.

On the other hand, this is becoming endemic across social media, and is starting to be a serious sociological issue.

Look at the subreddit "MMAT," which was a gaggle of ignorant dumbasses focused on trying to create a short squeeze, but they didn't understand what they were investing in, and now own worthless private, untradable shares of a defunct oil field.

BBBY (the subreddit for Bed Bath and Beyond short squeeze investors) and GME or Superstonk (for Gamestop short squeeze investors) are basically headed down the same path - there just isn't a hard conversion event forcing those groups to fail immediately like with MMAT. But inevitably both companies will see a long, slow slide into obscurity and/or bankruptcy and we're going to have a ton of dumbasses shrieking that they lost all their savings.

At the end of the day, these pump and dumps, or these short squeeze conspiracies - it's all the same crazy nonsense mixed with greedy rubes who think that they're the ones who know some secret, and that they're going to pull off some hijinks to eat somebody else's lunch.

Normally, nobody would have to care that a bunch of mouth breathers lost their shirts by gambling on some dumb investment scheme.

But these are becoming so prevalent now that the general public is starting to lose its sense of normal. People are beginning to not be able to see these conspiracy cults and/or scams for what they are.

Strange, lots of people in their 40s I know use it. I don't, but I feel like I'm the odd man out.

You're telling me that crypto companies that hired celebrities to pitch crypto to me over Superbowl commercials aren't actually looking for ground floor investors?

Ha ha hahahahaha!!!!

I noticed this and just stopped following them.

They are just money grubbing opportunists who just want to siphon money out of people.

Yeah that's what I was thinking. If a public figure telling you to buy something so they can pump it up and then dump it is a crime, how the hell is he okay? Is it the "entertainment" disclaimer that makes it all ok?

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I suspect somewhere around free speech and entertainment is where you will find...."hey, I'm not responsible"

Is Google not some influencer trying to farm clicks and referrals?

How about going after TSM who literally changed their name to TSM FTX

All they did is say "we're changing our name back guys" after all the shit went down to save face. Not even an apology.

Eh to be fair a lot of the people I see falling for these stock market scams are 30+ years old

Or the entirely of Yahoo Finance? It’s a cesspool.

Yeah people don’t understand that real “good tips” are just insider trading which obviously aren’t going to be shared out in the open

I saw an early post about the Meltdown vulnerability on a security forum and invested heavily in AMD. Worked out pretty well.

The majority of my education came from different social media influencers when it comes to day trading, which I’m doing exceptionally well on.

This group in particular however I did find when I first started trading and it cost me a bit of money, but it was obvious what they were doing after losing money on 3 or 4 trades they called out, however I trusted some of their call outs after they made me a lot more money.

That brought me to following guys that actually talked about charting, patterns, supply and demand zones, fibs, etc….

While it may seem ridiculous to trust these guys, there were a ton of others making money on their plays but having more self control and getting out of the play before they dumped their shares.

It's not true "social media influencers". They are a group that ran a trading discord room called Atlas Trading, arguably the largest trading group out there. Many of them amassed huge Twitter followings during covid penny stock mania.

Cramer doesn't own any of the stocks he picks. (for this very reason. It's not a pump and dump if you aren't pumping).

If anyone wants details let me know, I was apart of the trading room these guys ran for a long time.

https://m.youtube.com/watch?v=jIfixbq_u0Q

Here is jim spilling the beans on what the financial sector does EVERYDAY

This was a specific, coordinated effort by a group of stock trader influencers. It’s not just social media influencers in general.

No. Taking financial advice from an influencer who knows nothing about the subject is just plain stupid. Just like sticking your tongue in an electric socket. You deserve what happens

So the real problem is the victims who don't know what they're doing and look up to these influencers?

Don't let these influencers get away with it by blaming the people they KNOW they have influence over and manipulate.

I saw some research that said Jim Cramer's picks are below the SP500. Just invest in the SP500 and you will outperform him.

Now charge the r/superstonk mods

I do not understand how Cramer is still giving advice. If anyone remembers his interview on John Stuart, I thought he would never return to the public after that: https://www.youtube.com/watch?v=8RkqzRs95Sc This is the best clip I could find. I never liked the dude, but I felt bad for him after that interview, not that he and the rest of finance media did not deserve it.

he's not a money manager, he's an entertainer.

He's got the best lawyers writing that disclaimer, so yes, as infuriating as it may be, the disclaimers does make it okay

2008 would like a word.

This is not financial advice - Jim Cramer probably.

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Color me surprised

duh. why is this news... oh wait, glued to your phones. nvm move alone nothing to see here. Well unless you were in on the pump. Kudos.

I just wish I had a few hundred k to lose like some redditors

“Should’ve bought a Lambo, you goblin.”

Social media has become one big scam

Investment in reverse Cramer picks is a solid strategy too. He says sell? Time to buy!!

Thats why you find smaller groups that know what they are doing and arent wasting time on twitter with their advice. Of course learning to do it for yourself helps immensely.

If you take financial advice from anyone other than a qualified financial advisor then you deserve to lose your money

Richard Burr only shares them with family

"I don't mean to be heartless, but how sympathetic am I expected to be for someone who takes stock-investment advice from some loudmouth on television?" - WSJ reader, 1982

Ok, that was probably a little snarkier than intended, but still: media's media. And there are rules for how you can talk about stocks on media, especially things you have a financial interest in.

Truer words have never been spoken friend

That’s what they get for getting their investing advice from people on social media.

What's the difference between these people, and Jim Cramer? Makes me wonder if he's just not directly profiting from screwing over people.

Do Elon Musk next

Blame the victim much? It wouldn't hurt to show a little empathy for your fellow humans who was conned out of their money

You say this expecting people who fall for these scams have the ability to reason

He was right about Bluth Company though

I've heard that before!

https://youtu.be/eVdTjxkM1TY?t=46

Advisors? Those morons should just spend all of their time studying financial reports of companies and combine that with knowledge of previous history of the stock market and studying economics… wait shit that worked for Warren Buffet.

Not people born in the 60s though.

Giving investment advice without regulatory licensing and/or appropriate disclaimers is illegal. The majority of these dumbasses jumped into a promotional get-rich-quick snake oil scheme without realizing what they were doing was a massive regulatory violation. That’s why, about a year ago, they started including phrases like, “I’m not telling you what to do,” or “I’m not guaranteeing anything…” with their crypto hype. They got busted and here we are.

Dumbshits.

There’s a difference between giving bad or wrong advice, and using your social media following to pump up the price on a shit stock you already own so that you can dump it 15 minutes later, pop the bubble you had them create, and get rich of their losses.

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Wouldn’t that be nice. I have a few k that I play with, but no way play the options game.

They’re trying to be ahead of the curve. I heard about bitcoin years before most people did because early Reddit was all about it. Wish I bought some back then.

Thing is today everyone is trying to buy into the next big thing. And now people start currencies just to pump and dump them.

I haven’t trusted crypto for years personally. I remember someone bought some huge chunk of bitcoin in like 2013 or something and to me that was just fishy. It was the type of purchase a bank or a billionaire would make and to me that just meant someone took control of it.

> If by children you mean people in their mid 20s

Except that the biggest age demographic of tiktok are 10-19 year olds

What do the people born in the 60's use?

He can and does own stocks he picks he also discloses this. Further he isn't literally buying the stock, going on tv talking about the stock and then selling his stock. There is a clear cut difference between discussing companies and your opinions on them and pump and dump. The difference is intent. These people intended to manipulate the asset price and sell their assets after the price rose.

Does anyone think they will go after the YouTubers like Logan Paul or Ice Poseidon?

Only Elon is allowed to do that

Hasn’t Musk just been blatantly manipulating stocks for years?

>If someone on social media or TV is telling you to invest in something, it's already too late to get in.

Yeah, i got sucked into buying dogecoin back when it was at 0.32 by some acquaintances who bought it when it was fractions of a cent. Now it's at 0.07.

Wish I'd had 10 grand to put into bitcoin when it was 2k, and I was telling everyone I knew to buy.

Lately lots of /r/<technologyhelp> posts are easily googleable questions, and people think it's easier to ask reddit directly, than Google the answer (which likely has a top result that's a reddit post from the last time somebody asked)

Probably not 10-19 year olds looking for investment tips

I mean uneducated people who are lied to by influential public figures are very vulnerable to these scams. That is why they are illegal.

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.

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

Source needed

As long as the word “influencer” keeps going downhill I’m ok with it

What? You dont say! Shocking! Cant believe it. What is the world coming to? (Insert sarcasm here) 🙄

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.

They inverse Cramer ETF is just a matter of months now.

Tom Brady, Shaqueil O’Neil, the Shark Tank guy … the list needs to expand.

He's not a joke. He's a tool of the establishment.

Cramer promotes whatever Brian Roberts and his fiends want to sell. The people who watch Cramer buy that stock, the price goes up, and the primary holders sell.

That's why he's so consistently wrong.

Just class wars. These people are new money and the system doesn't want them.

Well, make no mistake, the "new money" people were scamming a community of gullible people online. Them going to prison and losing everything is good.

I mean basically what they were doing was taking small volume stocks, scrounging up a whole bunch of activity from these random people online to buy up a ton of it after they already took on a healthy position and then quietly sold it.

He's not paid by the securities themselves, he's paid by his bosses and their friends who are invested in those securities

If you have proof he is paid to flog particular securities then contact the SEC and get the ball rolling.

Or perhaps just admit he's not paid to recommend anything by anyone. He's just throwing out dumb ideas to fill an hour (is it an hour? I can't stand the guy) every weekday.

How is this any different to what MuskyC*nt does?

The old I'm not a financial advisor disclaimer? I don't think that protects you

Warren buffet did say anyone can get rich, but no one wants to get rich slowly

Only way to truly beat the market is to have insider knowledge. So many other investors have some, if you're investing without it, you're at a major disadvantage.

Ha! Sign me up

Ya think? Story old as time… but for each new generation of “know it all’s”, these schemes would die off….

Headline news.. social media mislead people in a stock scheme..!!

FTX wasn't public normal people weren't investing in it.

I love the down votes on this. The only people downloading this are those that have a safe 401k and have absolutely no clue what it actually does

Runescape should be mandatory education. Can't fall for the money doubling scam twice lmao

Or WSB mods, they engineered as many controlled pumps as Twitter and discord combined.

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It was fucked way before trump

You're thinking of Kevin O'Leary. Cramer didn't invest in FTX.

I think BBBY and possibly AMC will implode sooner rather than later. They both have horrible financials. DWAC is looking dicey as well. GME probably has a couple of years, maybe more if they're smart enough to dilute again before share price gets too low.

I think the current meme stock bubble will pop, but when it happens will depend on whether too many GME people jump ship next time they dilute. Eventually people will forget about the current crop of busted stock conspiracies and the cycle will start again

Yup, the barrier to sane investing has never been lower. But buying target date index funds from Schwab or whatever isn't exciting. Market returns won't make you rich anytime soon.

Sad that they have a huge amount of them to go after. Fish in a barrel level almost.

Yeah, hearing about him crying about it brings a smile to my face.

Logan Paul should be in jail. Nuff said.

Wrong, people are dumber that rats in mazes. They'd keep trying to eat the electrified cheese and just blame someone else for the shock.

Is that Jon Stewart’s brother?

People just bought up some embarrassing nft’s too.

He's not very good either. The inverse Cramer was up 78% last time I checked.

There was a good article about 1988 and derivatives and how we still haven't recovered from that. 2023 is gonna be lit.

TL:DR I was on one of those kinds of discords once. It was a well crafted, but obvious scam.

I'd been in one of those kinds of discords before, but spotted the scam immediately. You had to buy a tier from a set of options, and basically the top tiers got all the information of which coin to buy, when to buy it, and when to dump it. The lower the tier you bought the further away you were from being first to know. They'd hype things up in a way that didn't give away the scam such as "Here's why this is a good coin worth investing in. Here's why we're going to put our money in on this one." And so on. Plus, anything about the scam was an instant ban. So it looked legit to anyone who didn't know what a pump n dump is.

But the giveaway was when they'd tell you where in the timeline your tier was going to be told what to do. If you looked at it for more than a couple seconds you'd realize people at the top got a lot of time to put their money in and get a bunch of coins. Then the lower tiers would be told what to invest in, so they'd pour their money in and as the coin would peak, the top tier would sell off their entire volume at the new highest price. The lowest tiers got stuck holding the bag as the price would start to plummet.

And they knew they could keep cycling through newbies who were probably only good for a couple of these rounds before leaving the discord. So there was some emphasis on always promoting to bring in new victims. Anyone who figured out what was happening either left or got banned for trying to let the cat out of the bag. Plus, if you had the money to drop on one of the higher tiers, I'm sure it was a pretty sweet deal to be able to dupe other people. Even then, I'm sure that a) some of the middle tiers took a long time to recoup that initial buy in, and b) it was literally handing the guy(s) running it easier money than the pump n dump part. After all, they didn't need to you actually buy the coins at that point. They already robbed you.

I can only imagine how good these guys were at hyping up their audience if they're in this much trouble. I'm sure it was all carefully orchestrated, too.

Sorry this was long, but I think it's worth sharing how these things looked for those who missed it. The one I was in happened years ago so I don't have great details, but suffice to say, these schemes were pretty easy to get wrapped up in for a lot of people. It sounded legit and seemed like a great way to be on the bottom floor of a new emerging coin. Especially if you were someone who got caught up in the frenzy of cryptocurrencies before all the exposes about how some coins literally existed for these purposes.

Crypto could have been revolutionary if it didn't get crowded with investors who didn't care about the technology or the bad actors who saw it as get rich quick. It got turned into an environmental disaster, too, because the algorithm never got refined to require less energy. If people had treated it with more respect we could have had something that offered fast payments at low costs, both environmentally and monetarily.

Just sign up to our absolutely-non-shady Telegram group, bruh!

This was free info bud. Discord and Twitter was all free.

I mean, that's basically just social media influence in a nutshell. Stocks, cryptos, NFT's, makeup, essential oils--it really doesn't make any difference what they're hocking, they're all just saying what their followers need to hear in order to part of with a few shekels.

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I like how the celebrities get slaps on the wrist while other offenders get prison sentences.

Also, if you are dumb enough to follow an “influencer” for your investments you deserve to get screwed.

But glad these criminals are facing charges. Can we charge all influencers in general for promoting stupid shit?

This is also r/byebyejob .

Influencers? Ridiculous.

"B-but I put 'Not Financial Advice' on my post!"

This is great, why did you sit back and watch people get fleeced?

Do you mean 2008?

Nope, 1988. Derivatives is just legal gambling.

Derivatives and swaps all part of 2008 too. I want old enough in 88 to care. 🤣

But its part of the history of it. Learn from it or doomed to repeat it? ;)

We continue to repeat it.... I figure the more complex any investment is the easier of a seller to hide costs and risks. This was the case for 2008 and the case of crypto/blockchain. Nothing like old fashion CDs and stock dividends that are simple mechanics to basic users to understand.

BTW I'm not saving CDs are a great investment strategy just I've someone thinks that.

Don't diss Steven, I am absolutely convinced that he knows the world of finance at least as well as he knows how to charm girls or escape a chokehold with clean underwear.

A bunch of the meme runs last year were in Discord and Telegram channels that proliferated in splinter subreddits. PLBY was one of the main runs I remember because the WSB mod tied to it was also the subreddit mod for PLBY.

Financial reports? Those morons should just insider trade like Buffet and the rest of Berkshire Hathaway.