Pump And Dump Schemes Are Now Legal!

A Texas District Judge Andrew S. Hanen has dismissed all charges against seven social-media influencers the SEC and Justice Department had accused of perpetrating a “stock manipulation scheme” on Twitter and Discord, ruling that the prosecution failed to state an offense in a case alleging securities fraud.

The influencers were accused of securities fraud through a Pump and Dump scheme as they posted on social media that they owned or were buying various penny stocks but did not state that they were selling the stock as their followers bought. In his ruling, Judge Hanen rejected the government’s argument that this constituted a crime and concluded that the defendants “did not deprive investors of their money or property through any misrepresentation.”

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[EdwinSteiner]

According to this Texas court, pushing someone off a roof is not murder because it is not the horizontal movement that kills.

[LucianoFaricelli]

As a Scottish Lord with real estate on the moon, I doubt that I shall ever succumb to a scam as pedestrian as a "pump and dump".

[flashrogue]

Judge "you shot him dead sir"

Defendant "no, the bullet killed him, I was just giving my gun a little hand hug"

Judge "case dismissed"

[jaunitaquinlivan]

Pro tip; Finfluencers hate you and would steal the last piece of food out of your starving mouth without blinking an eye.

[Steelmage]

Steal from the poor, get rich.
Steal from the rich, get hammered.

[flymousechiu]

it's only a financial crime if you steal from people/orgs richer than you.

[vonneely]

What's the going price of a Texas judge these days, anyway? $500? $1000? A Big Mac and a line of coke?

[phdtobe]

The judge is not a “Texas” judge, i.e. a judge in a Texas STATE court, but a FEDERAL judge in a Texas jurisdiction.

[glyptodon_ch]

As a fraudster, what I need to know is how do I make sure my dastardly scheme falls under Texas jurisdiction?

[novalinnhe]

Can't believe I terminated all my legal rights watching this

[BobSure_AKA_PotatoSmasher]

Your deadpan cynicism and straight-faced sarcasm is golden. Keep it up.

[perfectiondreamusa]

>gain money that someone else loses
“you’re honor i wasn’t trying to make them lose money just make myself gain money”

[papacharlie-niner]

I think it's time to promote "A Texas Court" to the same level as "A Florida Man."

[JeddieT]

_”…Due to their terrible grammar and spelling.”_
… Comedy gold Patrick.

[neilbucknell]

There seems a fundamental flaw in the US fraud offences. From what I understand of the UK offence of fraud, all that is required is that the defendant gains from their misrepresentation, and their is no need to identify a victim or causation of the victim's loss.

[homelessengineer]

I read up on the case and the reasoning behind dismissing it. The judge cited Greenlaw and Cimenelli as precedent. His argument was that "deceit" is not enough to convict for fraud; you need to deprive people of money or property. Since the followers did not give money directly to the influencers, it's not a crime.
So fraud is a-ok as long as you launder the money.
You can thank the Supreme Court and the Fifth Circuit for that one. Happy pump-and-dumping!

[TheGIGACapitalist]

Finfluencers always wear sunglasses so you can't see their dead eyes.

[trollking]

Really gotta hand it to Patrick on his sense of humor

[faafo]

This is my favourite hip-hop news channel!

[efkastner]

Came for information, left without any legal rights