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The criminal case against Atlas Trading, involving securities fraud charges, was dismissed by the court without prejudice due to legal insufficiency. The case was related to an alleged $114 million pump and dump scheme orchestrated through social media. The dismissal was based on the judge's finding that the defendants' actions did not meet the legal criteria for a scheme to defraud.
So a thing about the judge saying a pump and dump isn't fraud - the part that kills me is, it's like the oldest form of securities fraud there is. 1800s old. https://t.co/TtoZLHLsaf It's reasons-we-passed-the-securities-acts old. It's an ancient tradition. https://t.co/5o0bdaLbF0
Really interesting piece for all stock investors this am, or maybe yesterday, given I am in London by @matt_levine Pump and Dumps Are Legal Now https://t.co/DhsWqkv74j
DOJ: Eight indicted in $114 million securities "pump and dump" scheme https://t.co/8kMne6AvJZ
