The US securities and exchange commission today charged Zack Morris and other “fintwitters” with security price manipulation. The commission imposed a fine of 100 million dollars along with a list of things not to be done based on the filing.
They have been barred from Non-disclosed dumping, that is, Finn twitters cannot sell stock they have promoted without informing their followers. They cannot delete the deed or remove evidence of their selling a stock promoted by them in order to build trust with followers.
They cannot flex implying financial advice, highlight dollar P & L, wealthy lifestyle, and victory lapping trades to convince followers to bank on their financial advice. Now onwards, fin twitters cannot show intent to pump. They can’t have a disclaimer but then say that tweets move securities or discuss their intent to move stocks or provide financial advice.
As per a key quote on disclaimers, “The defendants each included on their Twitter accounts that they were not providing stock recommendations or financial advice. But they intended for their followers to act on their promotional tweets and understood their followers would do so.”
The SEC specifically mentioned lifestyle pictures (most Lamborghini and mansions) denoting wealth as an implied ‘this is financial advice’. The SEC warns Finn twitters against privately discussing their scams or participating in group chats where they discuss profiting off their followers. These were heavily monitored, recorded and submitted to the SEC. The court filing repeatedly mentioned, “private chats ad surreptitiously recorded convos”.
Fin twitters have been denied to make outrageous claims or provide promotional price targets or ‘due diligence’ that suggests massive gains in a stock and then subsequently sold. For instance, if they’ve got a ten-year price target up 10,000% and dump five seconds later probably triggers it.
Every quote In the SEC docket highlights a tone privately or publicly suggesting I desire short-term gains and not fundamental due diligence or basic seriousness.
Never thought I’d actually see zack Morris get picked up by the feds. I truly believed he was gonna get away with it
— Cesar (@CGCTrades) December 14, 2022
Well, a real shocker here…
Zack Morris has been charged by the #SEC for pumping & dumping stocks. pic.twitter.com/Eg5xAzcCt2— Jurassic Ape?? (@JurassicApe) December 14, 2022
So the SEC will charge Zack Morris, PJ Matlock, and company for manipulating stocks… but they won’t concern themselves with the hedge funds that are doing it on a scale that effects the entire market as a whole????
I hate this place. #SEC #AMC #GME pic.twitter.com/EqF8kYcnCR
— Moon Ape ? (@MoonApeMan) December 14, 2022
The SEC Charged Zack Morris and other "FinTwitters" with security price manipulation. $100m in fines.
Key list of things not to do based on the filing:
1/ Non Disclosed Dumping. Selling stock you’ve promoted without informing followers you have done so
— goodalexander (@goodalexander) December 14, 2022
Zack Morris absolutely crossed the line tagging the SEC in that Rolex photo.
That’s why they came after him ?
— Moon Ape ? (@MoonApeMan) December 14, 2022
#AtlasTrading #zackmorris arrest warrant. Which means they all got/are getting arrested. ? pic.twitter.com/8g1nv3cxAH
— TheBigSunshine (@TheBigSunshine1) December 14, 2022
Not me seeing Zack Morris trending and immediately hoping this guy is okay pic.twitter.com/rknKDb2Xbh
— Pizza Dad (@Pizza__Dad) December 14, 2022
Zack Morris just deleted his recent tweet that said: “The movie will be sweet.”
This was in response to being charged by the SEC for stock manipulation, which net his circle of friends over $100M pic.twitter.com/KFrSiLGTjp
— Cheddar Flow (@CheddarFlow) December 15, 2022
https://twitter.com/Klark08827676/status/1602866231719383040?s=20&t=VB1GPRhSz0WB9WkFnHNlUA
Zack Morris and all the gang getting interviewed by the Feds #sec #amc #gme #cei #stocks #fintwit #atlastrading #fintok #memes pic.twitter.com/MZ9NiZhKdv
— Dank Capital (@DankCapital22) December 14, 2022
