A number of social media influencers were charged Wednesday with fraud related to a “pump-and-dump” scheme which unfolded across multiple social media platforms. But securities attorneys think the case’s use of additional resources and more technical agencies suggest a new level of collaboration in the social media enforcement space on behalf of the U.S. Securities and Exchange Commission.  

According to the criminal complaint filed in the Southern District of Texas District Court, defendants Perry Matlock, Edward Constantin, Thomas Cooperman, Gary Deel, Mitchell Hennessey, Stefan Hrvatin, and John Rybarcyzk used their massive social media following to coordinate the acquisition of shares, promote the shares to their followers, and then dump those shares for “substantial profits.”